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Top Cryptocurrency Analyst Forecasts Bitcoin’s (BTC) Future, Warns of Potential ‘Unknown Unknowns’

by Daily Hodl Staff
March 19, 2020
in Bitcoin
[the_ad id=”90130″]

A crypto hedge fund analyst is outlining his views on where the price of Bitcoin (BTC) is heading in the long run.

Willy Woo of Adaptive Capital says he’s not surprised to see the leading cryptocurrency dump alongside traditional markets amid widespread fear, uncertainty and doubt about the global economy.

He’s not convinced that Bitcoin has hit a bottom. However, Woo believes Bitcoin’s fundamentals remain strong, fueled by interest from Millennials, who famously would rather visit the dentist than listen to their banks, according to a 2014 survey.

“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.

The inheritance from boomers to millennials is tipped to create the next bull cycle. This crisis is a catalyst for this effect as heart breaking 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.”

Despite his optimism, Woo says BTC is now in uncharted territory and warns anything can happen with the extremely risky and notoriously volatile asset.

Woo references a phrase coined by former US Defense Secretary Donald Rumsfeld, who in the aftermath of 9/11 cited “unknown unknowns” as uncalculated risks from future events that are so unexpected they have never been considered.

“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.”

Three Arrows Capital CEO Su Zhu also backs the notion that Bitcoin will shine in the long run as central banks search for new and increasingly extreme ways to stimulate markets and keep credit flowing.

This is in theory the moment Bitcoiners have been waiting for

Several EM mkts are now pricing in significant risk of sovereign defaults

USD itself set on an inflationary course it will be hard to turn back from

If $BTC mkt holds these lvls, 50K relatively quickly is possible https://t.co/CSSXEuNGyd

— Su Zhu (@zhusu) March 18, 2020

Not all analysts in the crypto space are as optimistic as Woo and Zhu.

Veteran technical trader Peter Brandt appears to be off the Bitcoin train completely. After tracking Bitcoin’s parabolic potential to hit $100,000 for months, Brandt says he believes it’s now more likely that BTC will head to zero.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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