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Crypto analysts and influencer Willy Woo has warned all and sundry to be wary of the present state of Bitcoin before pouring in their fund or make any forecast. He described the present situation as one which the ecosystem is not acquainted with, hence difficult to predict.
Within the space of two weeks, Bitcoin and other crypto assets in the market have fallen by almost 50%, nevertheless, some traders in the market are still optimistic that Bitcoin will be profitable before the end of the year.
Crypto trader Willy Woo addressed the situation saying Bitcoin is in a macro bear market. This is due to the whooping sum that was ejected from the value of the digital asset within few days.
The renowned trader said we have no data on how Bitcoin behaves in the macro bear market, hence it would be difficult to predict. He described that since the entrance of Bitcoin into the finance market – its 10 years price history, nothing of this has been seen. He averred that we’ve only had macro bull market.
While warning all and sundry to be cautious and prudent on the expectation from the leading crypto asset, Willy Woo said we are experiencing the known unknown.
“I wonder about the unknown unknowns,” Willy Woo said in a tweet.
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.
— Willy Woo (@woonomic) March 18, 2020
Bitcoin Price: ‘50K Relatively Quickly Is Possible’ CEO Of Three Arrows Capital
On a contrary note, the CEO of Three Arrows Capital, Su Zhu, thinks Bitcoin can possibly hit $50K value quicker than expected. The CEO made the assertion while remarking on Chinese crypto influencer Dovey Wan who claimed Bitcoin only need to escape the $SPX ‘s gravity to enter the bull market stage.
Zhu called the attention of enthusiasts in the ecosystem to the fresh $700-bln QE initiative done by the US Fed, saying this has placed the country on an inflationary course that would be hard to reverse later on.
CEO Zhu added that with the economic situation of the world and the present state of the financial market, if BTC manages to hold its current levels, “50K relatively quickly is possible.”