Bitcoin’s price has corrected by as much as 53% from the 2019 high of $13,880. Investor sentiment has turned extremely bearish. A few weeks ago, the idea of bitcoin trading at $5,000 was unthinkable. Today, many are calling for $5,000 to be the bottom of this downtrend.A popular trader predicting bitcoin to plunge all the way down to $5,000. | Source: Twitter
Regardless of whether the bottom is at $7,000 or $5,000, it shouldn’t make any difference to hardcore HODLers. We talked to prominent traders and they agree: It’s very likely that bitcoin will continue to rise in the long-term. Don’t get shaken out.Analyst: Demand for the Top Cryptocurrency Is ‘Programmed to Rise’
Bitcoin is the most scarce currency on this planet. According to Mati Greenspan, founder of Quantum Economics, this reason should give you confidence that the dominant cryptocurrency will likely rise in the long-term. He told CCN,There will only ever be 21 million BTCs. Many have already been permanently lost, and many more are being HODLed. Given the number of people who consistently stack sats and the extremely limited supply, demand should be sufficient to drive prices up in the long-term.
From the perspective of an investor, bitcoin offers a value proposition that no other asset can. The digital gold is largely not influenced by other assets such as stocks or commodities. According to trader Max, this unique property gives this crypto its edge.In capital management, you will sooner or later realize Bitcoin is the least correlated asset in the world. Portfolios across the world don’t differ that much, but bitcoin is not adopted in these portfolios in a widespread way. That is the reason why it’s the most uncorrelated asset in the world...