That crypto and Bitcoin prices do see-saw in the face of changing fundamental and “sentiment” is true. Last year was rough for the world’s most valuable asset, and indeed the sphere as a whole. After testing peaks of $20k in early January 2018, prices nosedived to $3,200, hauling other digital assets thanks to their positive correlation.
It is this correlation that Brad Garlinghouse is concerned about and wants to correct should XRP perform as designed as a liquidity tool that bank and financial institutions can use to move from one part of the world to another.
But given that Bitcoin is the main focus of investors and traders, its performance often time affect the performance of other sectors. What’s bugging investors now are the answers to these questions: is Bitcoin bottoming up? Is the crypto winter over?
The “zero” and the “$1 million” Camp
These questions are important. Already, we have two camps. One believing that Bitcoin is “garbage”, useless and will drop to zero. Leading this line are influential persons in the traditional market space as Kevin O’Leary, Warren Buffet and Bill Gates while not forgetting Roubini. In an interview with the CNC, Jeff Schumacher, founder of BCG Digital Ventures said:
“I do believe it will go to zero. I think it’s a great technology but I don’t believe it’s a currency. It’s not based on anything.”
In the other camp are perma-bulls as John McAfee who is optimistic that Bitcoin prices will rally to $1 million in 202. In a tweet, the computer technologist and founder of the McAfee antivirus who earlier claimed to be in direct contact with Satoshi said:
“Come on people!!! It’s time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You can’t apply stock paradigms or formulas and expect answers!”
Willy Loo Survey
Well, whether Bitcoin will hit $1 million or drop to zero because it lacks “intrinsic value” depends on whether the market has successfully bottomed up after expanding 70 percent reversing Q4 2018 losses. Willy Loo, a Bitcoin analyst, “surveyed notable influencers, analysts and traders for their probability that the bottom is in for this bear market” and the results were interesting.
Most influencers are confident that prices will edge higher because the crypto winter is over. Jesse Powell, the founder of Kraken, said he was 90 percent sure that Bitcoin has bottomed while Mike Novogratz, the founder of Galaxy Digital, Erik Voorhees, Nic Carter, Travis King were 85 percent sure that the world’s most valuable asset was on a recovery path.
Of the pessimists were Tyler Jenks of Lucid Investment who was 30 percent sure that Bitcoin will close higher and Peter Brandt, a technical analyst, who believe that Bitcoin (BTC) had a 25 percent of spiraling to zero with a 50 percent chance of rallying to $50k.