Wellington-Altus Chief Market Strategist James Thorne explained on Wednesday why he believes Bitcoin (CRYPTO: BTC) is entering a “generational supercycle.”
Bitcoin to Mirror Commodities‘ Growth Curve?
During an interview with Bitcoin Magazine, Thorne said that market structure around cryptocurrencies is changing, pointing to stablecoins, tokenization and the GENIUS Act as forces potentially accelerating adoption.
“So, it’s no longer this libertarian point of view of who owns it. So, in that sense, this is Bitcoin, or crypto, going mainstream,” the economist argued.
Thorne said Bitcoin’s path will look a lot like commodities did twenty years ago. He added that almost no one owned them until studies showed that a small allocation improved a portfolio’s risk-adjusted returns.
“It’s the same trade. We’re early. We’re going to absorb it. We’re going to embrace it,” he emphasized.
Bitcoin Is Due North?
Thorne wondered why traders are still “whipping” Bitcoin around in a narrow range between $83,000 and $86,000.
“Where does this go? God only knows. God only knows. But it’s due north,” he predicted.
Bitcoin Dips Below $81,000
Thorne’s views were echoed by Milk Road analyst and trader John Gillen, who cited improving market structure and institutional adoption as reasons for a constructive outlook on Bitcoin and Ethereum.
Michael Saylor, executive chair of Strategy Inc. (NASDAQ:MSTR), also hinted at accelerating Bitcoin purchases in the run-up to an expected bull market.
Currently, Bitcoin seems to be under pressure, as hotter-than-expected consumer inflation raised the odds of a rate hike, sending it below $81,000.
Price Action: As of this writing, BTC is down 3.20% in the last 24 hours to $80,763.42, according to Benzinga Pro.
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