Galaxy Digital Co-head: Bitcoin Price Correction Will Fade Towards The End Of 2021

Jason Urban, the co-head of digital asset investment firm Galaxy Digital Trading, has recently mentioned that the present BTC price correction will fade towards the end of the year. Furthermore, he projected that the crypto asset will trade in the upwards of seventy thousand dollars.

Speaking to Kitco News, Urban mentioned that the growing institutional activity around BTC from the beginning of the year will start getting revealed after the summer.

He further mentioned that the recent BTC price volatility is becoming usual, and investors are getting used to it. Nevertheless, Urban is of the opinion that the negative news around Bitcoin will result in a flat price movement going into the summer.

Urban said,

“I feel confident that it will take out the highs that we saw earlier in the year by the end of the year. You can expect with all that fear and uncertainty in recent weeks to cause a flat trending market through the summer. And I think that as we pull into the fall, a lot of this institutional adoption is going to start to manifest itself, and we should see the market take out those highs… But I think that you can see something north of $70,000.”

Notably, the virtual asset’s price volatility has been linked to the regulatory crackdown in China, with regulators going after digital currency mining as well as trading. Nonetheless, Urban maintained that the conversation surrounding regulation is positive as other asset classes have governing rules.