Fairlead Tips Long-Term Bitcoin Growth, Suggest Exposure in Portfolios
Portfolio manager, Fairlead Strategies projects a long-term price growth in Bitcoin (BTC) despite the recent market downtrend. The company sees future growth as well as a belief that an amount of Bitcoin should be on portfolios. This year, institutional investment in crypto assets picked up with firms increasing exposures while supporting an upward swing.
Fairlead Backs Bitcoin Recovery
Bitcoin price has dropped in the last couple of weeks amid the German government’s sale of seized BTC and Mt Gox creditor’s repayment. In a recent CNBC interview, Fairlead’s founder Katie Stockton projected the long-term trend of Bitcoin. According to Stockton, Fairlead are a big believer in users with a small percentage of portfolios in the crypto market leader.
“Bitcoin has broken some support suggesting we may see a trading range to the downside, but the trend long-term is still to the upside,” says Fairlead Strategies Founder Katie Stockton. pic.twitter.com/wuTJapC4gV
— Squawk Box (@SquawkCNBC) July 8, 2024
“… still some downside from here but still within a long-term uptrend. We’re big believers of having a small percentage of a portfolio in Bitcoin and regardless of the price action, we still have the long-term price on our side.”
Commenting on the recent bearish outlook, she explained that the correlation between stocks and Bitcoin increased but recently, BTC and crypto plummeted breaking support levels. Falling below the $60,000 level, fluctuations in the asset have led to a ripple effect in other cryptocurrencies. Stockton, though positive about the future growth of the market, highlighted the recent downtrend. At press time, BTC trades at $56,270, a 1.3% decline in the last 24 hours. This month, the asset’s price dropped below $55,000 with outflows hitting billions.
Institutions Tilt to Bitcoin
This year, institutional inflow to Bitcoin has hit new highs following the approval of spot ETFs by the Securities and Exchange Commission (SEC). Inflows to these funds saw the asset’s price breach a new all-time high above $73,000. Consequently, traditional finance firms increased their exposure to the market through these investment windows. Despite a bearish outlook due to price fluctuations, holders remain positive towards a bull run because of the presence of institutional players.
Also Read: BTC Miner Bitfarms Appoints New CEO Amid Riot Takeover Bid
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