Jason Urban, the co-head of Galaxy Digital Trading believes that Bitcoin will recover and reach a new all-time high of $70,000 once the FUD cooldowns, as institutional adoption of crypto is still in its early days. Bitcoin Will Recover and Hit New ATH of $70,000 by Year-End: Co-head of Galaxy Digital Trading Appearing on Kitco News, on June 24th, the co-head of Galaxy Digital Trading, Jason Urban said that institutional investors will re-emerge into space by the end of the summer and drive the price back up to breach new all-time highs of at least $70,000 by year-end: “I definitely think we can see something north of $70,000 by the end of the year. I think that we can expect all that FUD (fear, uncertainty, doubt) that we’ve seen in recent weeks to kind of cause a flat trend in the market through the summer.” According to him, the lack of regulatory clarity and uncertainty has held many institutions back from entering crypto markets and once they enter, demand for Bitcoin’s limited supply will its value up to new highs, saying: “I think that obviously some regulatory clarity on what can be done, what can’t be done. The smart players want to work with regulators to come up with solutions that address their concerns while simultaneously allowing the technology to flourish.” Galaxy Digital is a diversified financial services firm focused on cryptocurrencies founded by Michael Novogratz which has recently partnered with Goldman Sachs to trade Bitcoin futures. Alameda Trader Highlights BTC’s Growing FUD At the same time, Sam Trabucco, a quantitative crypto trader from Alameda Research has similar views to Jason in terms of market gearing towards full recovery. In a Twitter thread, Trabucco highlights the growing FUD regarding the China mining crackdown, U.S. regulations, Elon Musk’s environmental concerns over BTC mining, and rumors of MicroStrategy selling all its Bitcoin holdings, all contributing to the digital asset’s price negatively. There have been a few prevailing narratives lately:– China FUD driving prices down, U.S. maybe to follow?– Bitcoin is bad for the environment, or at least Elon thinks so– Maybe with this dip, some of the institutions who bought are under water and need to sell? (Saylor, etc.) — Sam Trabucco (@AlamedaTrabucco) June 23, 2021 According to him, people are over-reacting to news, “liquidations are exacerbating that over-reaction”, and then people are trading the other way round, signifying a great buying opportunity. Each of these, I think, constituted an over-reaction — that's why I included "reversion" as an effect for all of them, because I think probably none of them *really* mattered in the first place for BTC's "value," or where people should be pricing it medium-term. pic.twitter.com/Y9bDtu4AL6 — Sam Trabucco (@AlamedaTrabucco) June 23, 2021
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