Long-time crypto bull Anthony Pompliano is offering his forecast on Bitcoin (BTC) as the flagship crypto asset trades in a range.
In a CNBC interview, Pompliano says Bitcoin has been trading sideways over the past couple of months due to reduced activity over the summer.
“Well, I think it’s just sideways summer, you know. People kind of saw this huge run-up after the Bitcoin ETF (exchange-traded fund) got approved earlier this year. A lot of capital flew into that, both retail and some institutional.
And when the summer hit, people I think kind of just went away.”
Bitcoin is trading at $59,308 at time of writing.
Pompliano also says that if history repeats, a bullish phase for Bitcoin could start over the coming weeks.
“I do think that if you look at the historical kind of bull run cycles, kind of end of Q3 into Q4 is when things start to pick up. And you will start to see you know kind of the asset price rise from there.”
Turning to other crypto assets, Pompliano says that the underperformance of Ethereum (ETH) relative to Bitcoin and Solana (SOL) could be attributed to the lack of a single defining characteristic.
“I think that with Ethereum people are still trying to figure out what is it and should I have it in my portfolio or not. If you look at the [spot Ethereum] ETF launch kind of had a big first week or so, but you don’t hear it talked about nearly as much as you hear people talking about Bitcoin.
And so some people think it’s a world computer, some people think of it as ultrasound money, some people think of it as, you know, name your other narrative. But I think that the lack of a clean story means that interest is waning to some degree.
And if you go back and you look at its financial performance, you know it’s been at $2,400 give or take for quite a while now. So while Bitcoin, Solana [and] others are up considerably during that time frame, Ethereum is essentially flat.”
Ethereum is trading at $2,529 at time of writing.
Bitcoin and Solana are up 102% and 478%, respectively, from it August 2023 open while Ethereum has appreciated by 35% over the same period.
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