Large Traders Remain Very Bullish in the BTC, Despite the Crypto Winter
Bitcoin remains well below its highs, and the reasons for optimism seem weak. But not for some of the biggest traders who have kept a positive point of view.
Cumberland, a Chicago-based marketing firm, recently surveyed its customers and found that optimism abounds. While the average respondent didn't think the pain was completely over - thinking bitcoin would drop to $16,000 in 2022 from about $23,500 currently - a big bounce is predicted: a jump to a high of $32,000 sometime this year.
However, the scale of the expected rally is a surprise to Cumberland, the DRW division of Chicago-based trading legend Don Wilson, given that survey respondents saw growth of only 4% in Nasdaq, and stocks and cryptocurrency prices are usually similar.
Talk of a long-term crypto winter is causing concern for many investors, so bullish growth stands out among professionals who have a lot at stake. However, as with conventional markets such as stocks, the path of cryptocurrencies probably depends on what the Federal Reserve does with US interest rates. And, indeed, Cumberland's customers held this point of view.
"It is very striking that the most common response to both positive and negative catalysts is the Fed's move," the report says.
https://coin-signal.com/cryptonews/large-traders-remain-very-bullish-in-the-btc-despite-the-crypto-winter/
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