‘Bitcoin Is not as Flat as It Was in 2014,’ According to Analyst
Expert: When everything is settled, there will a be a great possibility for Bitcoin to surpass $20,000 as it was in 2017.
Randy Turner, expert and crypto journalist:
The correction of BTC in 2018 will not happen by the same scenario that was four years ago, and it is due to a refined market structure. This opinion belongs to Willy Woo, a cryptocurrency analyst, and investor, in the interview for NewsBTC.
In 2014, Bitcoin has suffered the greatest drop in its entire history. After losing 90% of the price, the crypto remained low in price for a very long time. However, as the analyst denotes, the correction of Bitcoin was worsened by the hacking and bankruptcy of the cryptocurrency exchange Mt.Gox. At the same time, the platform processed up to 90% of transactions with BTC without applying any required security solutions. Thuswise, it becomes clear what and why Bitcoin, the world’s first crypto, had become flat all of a sudden.
Nowadays, according to the expert, the leading cryptocurrency companies offer many more solutions for safety and convenience of institutional investors on the market. Particularly, in the recent times, Coinbase vice-president Adam White published a list of basic principles for the services which operation is dedicated to institutional investors. White says that the new products will pave the way for Coinbase to the open financial system.
In general, Woo says, “Bitcoin in 2018 is way healthier that Bitcoin in 2014.” Wall Street analyst Tom Lee, who is also a co-founder of Fundstrat Global Advisors, also could agree with that opinion. In the recent interviews, he stressed that the correlation between BTC and the developing markets begets great expectations for another market ‘boom’.
To sum up, this is an optimistic viewpoint on the Bitcoin and its current situation. I think that it is a rather realistic perception of things, although many ‘wolves from Wall Street’ deem that Bitcoin is a great disaster and some weird scam. However, it’s interesting to look ‘behind the scenes’ of the BTC price. To my mind, BTC will never hit the surreal $50,000, as some analysts predict, if it’s not officially acknowledged by the prominent countries, like the U.S. or the E.U. There are some movements in the U.S. that are preparing the banking system for the crypto adoption. When everything is settled, there will a be a great possibility for Bitcoin to surpass $20,000 as it was in 2017.
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