GSR executives: BTC still has enough time to hit new highs by the end of the year
Despite the massacre of Bitcoin yesterday, some market makers and investors remain optimistic about Bitcoin's medium-term prospects.
Rich Rosenblum, CEO and co-founder of crypto market maker GSR, said that although Mt.Gox's upcoming repayment (142,000 Bitcoins are expected to be repaid by October) is almost equal to the amount of Bitcoin produced in the first year after the halving, he believes:
Once this batch of Bitcoin is digested by the market, we still have enough time to hit new highs before the end of the year.
Teddy Fusaro, president of Bitwise, wrote on X that although the current Bitcoin price is facing downward pressure, "we cannot be sure how many Bitcoins or which part of the Bitcoins will be sold in the end, because the distribution of these Bitcoins will be carried out in kind."
He also cited the recent analysis of Alex Thorn, head of Galaxy Research, pointing out that the Bitcoin flowing into the market will be less than expected. Thorn also reiterated yesterday that creditors are more likely to choose to hold rather than sell after receiving repayments. This suggests that yesterday's carnage in the Bitcoin market was more emotional than actual.
