Yves Lamoureux, the president of macroeconomic research company Lamoureux & Co, believes that the recent Bitcoin price correction is part of a ‘winter season’ that has come to an end.
In an interview with MarketWatch published on May 26, Lamoureux projected that Bitcoin is about to embark on another rally that will culminate in the asset hitting a value of $100,000 by the end of 2023. He believes that the rally will run until 2025.
He noted that the next turning point in Bitcoin’s price will be the halving event scheduled for 2024. According to Lamoureux, with decreased Bitcoin supply, the asset would mirror historical price movement where it will appreciate.
“I’m not giving a major buy signal, I’m just saying, yes, you can start to buy a little bit. Hovering at $30,000 and off more than 55% from a record high of $68,990 in November 2021, Bitcoin meets much of his criteria to exit a bear market,” he said.
Investing with caution
The executive advised that investors should buy the asset in small portions because the future of crypto market is shaky. Interestingly, Lamoureux was previously sceptical about Bitcoin’s prospects while advising investors to approach the asset cautiously.
Bitcoin’s extended volatility is partly a result of the Terra coins crash, and Lamoureux believes investing in smaller assets is risky. According to Lamoureux:
“I’m interested in Bitcoin because it is the king and that’s where institutional money will flow first. So always stick with the best. Everybody wants to be bitcoin, but they’re not …don’t make it complicated, stick with bitcoin.”
By press time, the flagship cryptocurrency was trading at $29,300, extending its stability around the zone after dropping almost 1% in the last 24 hours.
The correction in Bitcoin has also lowered the market confidence, as highlighted by the latest on-chain data. As reported by Finbold, the weekly number of new addresses created on the Bitcoin network has dropped to an average of 376,488 as of May 24.