Bill Miller predicts bitcoin growth

At the time of the disastrous speech, after the collapse of FTX, optimism is not on the investors’ agenda. Nevertheless, legendary investor Bill Miller claims that a catalyst is likely to allow bitcoin (BTC) to start performing well again. By combining fundamental analysis and technical analysis, the investor is positive about the future of the bitcoin price.

bitcoin resistance

In an interview with Barrons, Miller says that despite bitcoin’s significant volatility, this asset has a place in investment portfolios. Regarding bitcoin, he rejects the qualification of investments. He defines it as a speculative asset and adds that it is called healthy speculation.

He notes that at the bottom of the market in 2020, bitcoin was at $5,800. Bitcoin is now at $17,400. All in all, since then the cryptocurrency market has grown by 70% and bitcoin by 190%. He notes that an investor with a longer time horizon than a year is likely to do quite well with bitcoin.

The resistance of bitcoin (BTC)

The former Legg Mason Capital Management executive says given the turmoil in the crypto market over the past year, bitcoin is holding up pretty well. To counter inflation, interest rates tend to rise under the guidance of the US Federal Reserve. Given this fact, Miller sees a reversal of these policies as the spark BTC needs to reverse.

He says he’s surprised bitcoin isn’t at half its current price given the implosion of FTX. Admittedly, a number of investors have avoided this space, so a hold of $17,000 is quite remarkable. Already under inflation with rapidly increasing real interest rates, it is possible to hope for a turnaround in the markets. If the Federal Reserve begins to pivot toward looser monetary policy, he says he expects bitcoin to do quite well.

In addition to bitcoin, Miller also explained that he is bullish on Coinbase (COIN), which hit an all-time low earlier this week.

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To the angelism of the proponents of the current monetary system, I am against DeFi, digital assets and the metaverse. Lawyer in Luxembourg, I am interested in cryptocurrency investment funds.

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