- Top crypto analyst warns of ‘unknown unknowns’ regarding BTC
- The analyst says he is not surprised to see BTC drop
- Bitcoin still in uncharted territories
Cryptocurrency News Today – according to reports, a top crypto hedge fund analyst has outlined his opinion on Bitcoin. He has issued a price prediction for Bitcoin. particularly where the coin is heading in the long-term. The analyst is Willy Woo of Adaptive Capital. BTC price has dropped greatly in recent days. Now, the analyst isn’t backing or discrediting the number one digital asset by market cap from rising back in the long-term.
Willy Woo isn’t Surprised by BTC’s Current Run
Willy Woo of Adaptive Capital isn’t surprised to see the digital asset getting dumped along with the traditional markets due to the widespread fear caused by the coronavirus. He isn’t convinced that Bitcoin has bottomed. However, Woo thinks Bitcoin’s fundamentals are strong, fueled by the interest of Millennials. So regarding BTC’s current position he said BTC will rise in the log-run.
Here are his words:
“We are on the flight to safety now, BTC is searching for its bottom. Remember that once it has bottomed, there is a strong bullish pressure ahead. It is the economic environment in the coming years that Bitcoin was designed for. The inheritance from millennials to boomers is predicted to create a fresh bull cycle. The crisis is a trigger for this effect. The $68 trillion of wealth that will pass hands has now been accelerated. Of course, millennials love crypto, hence, it won’t take a lot of money to active the needle.”
BTC is in Uncharted Territory
Despite his positive outlook for the asset, Woo says Bitcoin is in uncharted territory. He has warned that anything can happen. This is true when you consider that the asset is risky and highly volatile. Woo referred to a phrase proposed by Donald Rumsfeld the former US Defense Secretary, who after 9/11 cited unknown unknowns.
“We should take caution. BTC has existed inside a macro bullish market alone. No data is highlighting how BTC acts in a macro bear market. Hence, the outcome is unknown.”
According to the CEO of three Arrows Capital, Su Zhu, the price of Bitcoin will improve in the long-term as central banks continue to look for new ways to stimulate the markets and maintain the credit flow. Note that not every analyst in the crypto sector are as optimistic as Woo and Zhu. One trader called Peter Brandt isn’t on the Bitcoin train. After he tracked Bitcoin’s potential to reach $100,000, Brandt believes it is now looking more likely that the price of BTC will reach zero.