A growing number of Bitcoin analysts are sounding the alarm about the need for the flagship cryptocurrency to prove its worth during the current financial crisis. They assert that now is the time for the decentralized asset to prove its resiliency amid an increasingly unstable global economy.
Global Conditions Open the Door For Big Gains
Tone Vays, a long-time Bitcoin maximalist, has tweeted a video from last June where he sounded an alarm about the rapid price increase to over USD $13,000. Vays noted at the time that such quick value jumps usually led to major corrections:
Flashback: June 2019 when $BTC hit $13,800 – “I didn’t think it was possible to drop back down to $3,000 but I do now” –@UglyOldGoat1 – “I can see a prolonged #Bitcoin Bear Market for 6-9 Month”
For full video 👇 https://t.co/EllkLEpEHl pic.twitter.com/fOTjdFgOT6
— Tone Vays – TheFinancialSummit.com (@ToneVays) March 28, 2020
The key takeaway from this video is that Vays at the time asserted that in 6-9 months Bitcoin should start to recover from any price drop. Now is the time, of course, for such a recovery to begin yet the flagship cryptocurrency has yet to rally. It is worth noting that Vays remains extremely bullish on Bitcoin’s future, but seems hesitant to predict a major value spike any time soon.
Peter Brandt, who has a long record of pushing Bitcoin’s bullish potential, now insists that a “perfect storm” has now formed for Bitcoin to emerge as a key global asset. He has tweeted:
For BTC, this is the perfect storm.
If Bitcoin cannot rally on this,