Bitcoin Future: Analyst Releases New Prediction – Strong Bullish Pressure Ahead

The crypto market was looking better the other day with Bitcoin trading above $6,600.

At the moment of writing this article, BTC is trading in the red and the most important digital asset out there is priced at $6,128.36.

Analysts were optimistic that Bitcoin can surpass the $7,000 level but it seems that it’s going downhill again amidst the coronavirus pandemic.

Bitcoin price in the long run

It’s been revealed that a crypto hedge fund analyst addresses his thoughts on where the price of Bitcoin is heading on the long run.

Willy Woo of Adaptive Capital said that he is not surprised to see the most important digital asset dump traditional markets amidst rising fears, doubts, and uncertainty about the global economy.

Woo is reportedly not even convinced that Bitcoin hit a bottom. On the other hand, he’s convinced that BTC’s fundamentals are still strong and they are fueled by interest from Millenials.

“Dump then moon. We are undergoing flight to safety right now, BTC is looking for its bottom. But know that once the bottom is in there are strong bullish pressures ahead. It’s this economic environment in the years ahead that Bitcoin was built for,” Woo said.

He continued and said that “The inheritance from boomers to millennials is tipped to create the next bull cycle. This crisis is a catalyst for this effect as heartbreaking as it is. $68T of wealth that will pass hands is now accelerated. Millennials love crypto, doesn’t take much money to move the needle.”

Bitcoin is still in uncharted territory

Woo warns that anything can happen with this volatile crypto market.

“We should also take caution… In the 10-year price history of BTC it has only existed inside a macro bull market, we have zero data on how it behaves in a macro bear market. This is the known unknown. I wonder about the unknown unknowns.”

Other than this, more analysts believe that during this global crisis in which we are at the moment, Bitcoin, crypto and the blockchain tech can show their true value.


Coins Mentioned

BTC

Bitcoin

Companies Mentioned

CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

1936 Articles

Top Exchanges
Icon
CEX.IO

3

Website

Icon
Coinbase

2

Website

Icon
Binance

1

Website

Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

4.93

Website

Icon
FortuneJack

4.55

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Trending news