Phil Rosen, Co-Founder of Opening Bell Daily, and Anthony Pompliano, CEO of Professional Capital Management, recently discussed why both stocks and Bitcoin have seen a decline. Phil asked Anthony about Bitcoin’s current situation, pointing out that the cryptocurrency was trading around $56,000, down 12% in the last six months.

Back in March, when Bitcoin was at $73,000, the number of daily active addresses was 1.2 million, which has since dropped by about 30%. Phil asked whether this data made Anthony more or less optimistic.

Anthony said that there is a sense of thrill that can be associated with the understanding of bitcoin which is the concept of buying more with the same dollar but at a lower price. He also said that there are active users of bitcoin who do not sell their holdings even though it may not show in the statistics.

There is always an increase in the transactions made with the use of bitcoin when there is an increase in the price and so also when there is a decrease in the price or the level of prices, but this does not entail that people do not make use of bitcoin.

When asked to present a bearish case for Bitcoin in the next 6 to 12 months, Anthony pointed out that there’s no clear catalyst driving Bitcoin’s price higher through the end of the year. Outside of potential macroeconomic events—such as interest rate cuts or election-related developments—there is no guarantee of a significant upward movement. He mentioned that last year, the approval of a Bitcoin ETF was a clear catalyst, but right now, there’s no similar event on the horizon.

Despite this, Anthony reminded listeners that Bitcoin is still up around 50% compared to before the ETF approval, even though the market has remained flat over the summer. He expects a bull market but warned that people who are hoping for massive gains, such as Bitcoin rising from $50,000 to $500,000, may be disappointed.