Stellar Time For Bitcoin: Can It Reach The Highs?
Many analysts believe that the global crisis could become a runway for Bitcoin. In a situation when the world was swallowed by panic, traditional markets showed their weakness, Bitcoin can demonstrate its stability and sustainability as an asset. In their opinion, now is the most favorable time for Bitcoin. But can it use it?
Global Crisis as a Growth Point for Bitcoin
In the current market conditions, Bitcoin has a super opportunity to prove its advantages over traditional assets and attract a new stream of users. Leading cryptanalysts tirelessly repeat this. Recently, one of the Tone Vays followers on Twitter shared a 2019 video in which he argued that a quick jump in Bitcoin above $ 13,000 would not do any good.
Thus, the crypto analyst believes that after the collapse, it will take up to 9 months to restore Bitcoin’s market positions. In his opinion, the most popular digital currency has resources for rehabilitation after any fall. Vays is convinced that Bitcoin has a great future and that today’s conditions must be used for a powerful breakthrough.
Analyst Peter Brandt thinks in the same vein. He is convinced that fluctuations in the global market are an ideal chance for Bitcoin to strengthen its position and become a leading global asset.
Earlier, Brandt noted that it is unforgivable for Bitcoin to waste time that can be used to demonstrate its strength and stability in a situation where destabilization has hit the whole world.
Strengthening confidence in Bitcoin as a step towards its global popularization
Despite the data that speaks of bullish impulses, Bitcoin remains in an undefined status as an asset. Many analysts note that Bitcoin often behaves as a risky asset, because of this, confidence in the flagship digital currency is reduced. In addition, Bitcoin is still at the development and distribution stage. Often there are situations when it is used for speculation and fraudulent activities. This will change when users use Bitcoin exclusively for its intended purpose.
Of course, blockchain projects are actively developing, but so far this is not enough for mass distribution. Those cryptocurrencies that show their potential in difficult market conditions will survive. Only they can get a credit of trust among users.
Thus, in the context of the global crisis, Bitcoin has every chance to establish its position as a decentralized, stable digital currency. It can demonstrate what is a safe haven for storing assets.