Jason Urban, the co-head of Galaxy Digital Trading believes that Bitcoin will recover and reach a new all-time high of $70,000 once the FUD cooldowns, as institutional adoption of crypto is still in its early days.
<h2><strong>Bitcoin Will Recover and Hit New ATH of $70,000 by Year-End: Co-head of Galaxy Digital Trading</strong></h2>
Appearing on <a href="https://www.kitco.com/news/2021-06-24/Bitcoin-price-to-set-new-record-by-year-end-institutional-money-will-flood-in-once-this-happens-Jason-Urban.html" target="_blank" rel="nofollow noopener">Kitco News</a>, on June 24th, the co-head of Galaxy Digital Trading, Jason Urban said that institutional investors will re-emerge into space by the end of the summer and drive the price back up to breach new all-time highs of at least $70,000 by year-end:

<i>“I definitely think we can see something north of $70,000 by the end of the year. I think that we can expect all that FUD (fear, uncertainty, doubt) that we’ve seen in recent weeks to kind of cause a flat trend in the market through the summer.”</i>

According to him, the lack of regulatory clarity and uncertainty has held many institutions back from entering crypto markets and once they enter, demand for Bitcoin's limited supply will its value up to new highs, saying:

<i> “I think that obviously some regulatory clarity on what can be done, what can’t be done. The smart players want to work with regulators to come up with solutions that address their concerns while simultaneously allowing the technology to flourish.”</i>

Galaxy Digital is a diversified financial services firm focused on cryptocurrencies founded by Michael Novogratz which has recently partnered with <a href="https://www.cryptoknowmics.com/news/goldman-sachs-commences-bitcoin-futures-trading-with-galaxy-digital/">Goldman Sachs</a> to trade Bitcoin futures.
<h2><strong>Alameda Trader Highlights BTC's Growing FUD</strong></h2>
At the same time, Sam Trabucco, a quantitative crypto trader from Alameda Research has similar views to Jason in terms of market gearing towards full recovery.

In a Twitter thread, Trabucco highlights the growing FUD regarding the China mining <a href="https://www.cryptoknowmics.com/news/the-central-bitcoin-mining-area-in-china-sets-hard-hitting-penalties-for-the-activities-of-bitcoin/">crackdown</a>, U.S. regulations, Elon Musk’s environmental concerns over BTC mining, and rumors of <a href="https://www.cryptoknowmics.com/news/microstrategy-says-it-may-sell-up-to-1-billion-in-stock-after-making-huge-btc-purchase-announcement/">MicroStrategy</a> selling all its Bitcoin holdings, all contributing to the digital asset's price negatively.

https://twitter.com/AlamedaTrabucco/status/1407500166152683523

According to him, people are over-reacting to news, “liquidations are exacerbating that over-reaction”, and then people are trading the other way round, signifying a great buying opportunity.

https://twitter.com/AlamedaTrabucco/status/1407500191188414468

Bitcoin Will Recover and Hit New ATH of $70,000 by Year-End: Analyst

Jason Urban, the co-head of Galaxy Digital Trading believes that Bitcoin will recover and reach a new all-time high of $70,000 once the FUD cool downs.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bitcoin Will Recover and Hit New ATH of $70,000 by Year-End: Analyst

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