- Bitcoin is building bearish momentum
- Bitcoin fails to break over the $9k level of the weekend
- Alex Kruger releases four possible long-term scenarios for Bitcoin price
Bitcoin News Today – Bitcoin (BTC) seems to be under the influence of the bears at the moment. The digital currency seems to be building bearish momentum as it failed to break over the $9k level over the weekend. The world’s most dominant crypto has resumed its downward trend so many analysts are now focusing on long-term scenarios.
Bitcoin (BTC) Long-Term Price Scenarios
Besides day traders that are in for quick profits, many people would go into Bitcoin (BTC) for the long-term potential. Bitcoin is still a very high-risk asset. Nevertheless, the rewards could be massive if those risks pay off. If Bitcoin finally becomes a major store of value or global currency, holding a fraction of the coin could be life-changing.
Bitcoin (BTC) Price Today – BTC / USD
Alex Kruger, a digital currency analyst and trader, has been looking at possible scenarios for the future of BTC prices as well as its role in the world financial system. The first scenario is that the digital currency becomes a global reserve currency, and those holding the coin get rich immensely. However, this is less likely to happen because of its inherent instability and the fact that there are a couple of whales that control a considerable fraction of the supply.
The second scenario is in line with the scarcity of Bitcoin (BTC) continuing to push the value higher. The third scenario is where Bitcoin settles into a wide range as many commodities do after some major rallies. The fourth scenario is one that investors and traders do not want to see. It is the scenario in which BTC plunges back to near zero, making the digital currency worthless.
Four long-term bitcoin scenarios
#1 Bitcoin becomes a global reserve currency. Current hodlers, all proven to be early, get immensely rich.
#2 Scarcity keeps price going up forever. Bitcoin continues to outperform. Investors do extraordinarily well.
— Alex Krüger (@krugermacro) November 16, 2019
The Third Scenario Carries More Vote after a Poll
A poll followed afterward with more than 4,500 respondents. From the result of the poll, 47 percent of the respondents picked the third scenario as the most likely scenario to happen.
“Almost half of the respondents voted ‘Settle into a wide range.’ For those voting scenario three, time for some crystal-balling: where do you see Bitcoin most likely settle in?”
A few unwelcoming scenarios were also proposed, such as the whole network becoming unsustainable.
“The future halvings are unsustainable as miners have to keep cashing out fiat to pay electricity bills to secure the network. When there’s no one else left to buy those bags it all ends. BTC has failed as a payments network and now there’s a hollow shell of “store of value”.”