Crypto Fallout Is Around The Corner, But Bitcoin Will Survive, Says Analyst
The crypto market has also been hit really badly by the whole global disaster that we’re witnessing these days.
The WHO has recently declared a coronavirus pandemic, and this triggered massive negative effects all over the world for the markets and the whole financial sector.
This is only the beginning for Europe and the US, and we can expect worse ahead, according to the analysts.
New prediction about the crypto market and Bitcoin
Texas West Capital trader and analyst Scott Melker, who is also known as The Wolf of All Streets, has a forecast following the past week’s fall of prices.
Bitcoin has been lingering around $4,000 during the past week, and it set off a chain reaction that haad all the other digital assets fall in price as well.
At the moment of writing this article, Bitcoin is trading in the red, and the most important coin in the crypto market is priced at $5,224.79.
In some tweets, Melker warned the worst is yet to come during this global market ripple effect induced by the massive panic and hysteria triggered by the coronavirus.
“Thursday’s crypto crash exposed the massive dysfunction in what has been proven to be a very immature space. The fallout has not even begun – exchanges and projects will likely start disappearing in the near future,” Melker said.
Bitcoin will survive
The prediction that Melker has is not a really optimistic one, and he believes that the global economic disruption will tear down the young crypto industry.
Blockchain is the future. The few great companies and projects should and will rise to the top.
— The Wolf Of All Streets (@scottmelker) March 14, 2020
But there’s also a positive prediction ahead that he’s making: he predicts that Bitcoin will survive.
“Bitcoin will be fine. Crypto, as an industry, is somewhat screwed for the foreseeable future in my mind. I’m not talking about the price of coins. People will continue to pump and dump them. Trading is fine. The core premise of crypto is damaged.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.