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.”
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. https://t.co/ILn3aXTJXG
— Willy Woo (@woonomic) March 18, 2020
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.”
This big dent in the price chart will lengthen the time till we hit the next bull market top (Top Cap model), more time means a higher top. pic.twitter.com/pdhyliUzl7
— Willy Woo (@woonomic) March 18, 2020
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.
