Despite the sharp pullback in the cryptocurrency markets, Ryan Rasmussen, Research Director at Bitwise, one of the world's leading crypto asset managers, remains optimistic about Bitcoin's future.

Speaking to Bloomberg, Rasmussen stated that the current price fluctuations are temporary and that Bitcoin's long-term bullish scenario is more solid than ever.

Reminding that Bitcoin has experienced over 70% declines multiple times in the past, Rasmussen noted that the current dip is differentiated from previous “crypto winters” due to institutional adoption and regulatory support. He said investors are focusing on short-term negative headlines but overlooking the long-term catalysts, adding, “The Bitcoin thesis has never been this strong. Regulatory winds, institutional adoption, and increasing demand for ‘hard assets’ like gold will push Bitcoin much higher over the next 5 to 20 years.”

Rasmussen pointed out that the sector is being pressured as Bitcoin’s price drops below the mining cost of around $80,000, predicting this will initiate a “cleansing” process. He explained that large miners with strong cash reserves will swallow smaller ones, while some miners are shifting their data centers to AI#BitcoinMarketAnalysis AI( operations to protect themselves.

Regarding why Bitcoin has fallen more than stocks like Nasdaq), Rasmussen responded that it is still in an “early stage.” He reminded that spot Bitcoin ETFs are not yet approved until early 2024 and that major asset management firms are just entering the system. He argued that if liquidity, which has been drained by the sell-off in October, returns to the market, Bitcoin will experience a very sharp rebound.

Acknowledging that there is a search for a bottom in the market, Rasmussen stated that the $50,000–$60,000 range is a strong “accumulation zone” for long-term investors. He made a notable prediction, saying, “A Bitcoin price of over $1 million in 10 years is not a distant possibility for us.”

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