Even despite the recent carnage in the Bitcoin market, many industry observers are still bullish going into the last few weeks before the halving. However, not everyone is expecting a price higher than $6,900 prior to the BTC supply shock.
Morgan Creek Digital Co-Founder and Partner Jason Williams believes that Bitcoin prices are going south heading into the third halving. However, he thinks prices will surge through the summer and hit new all-time highs in September.
Who’s Buying Bitcoin Right Now?
Thanks to the coronavirus, businesses around the world remain closed until further notice and a huge percentage of the global population is observing social isolation measures. Millions have already been laid off globally, and millions more will surely be fearing the same. Under these circumstances, it’s hard to imagine great swathes of capital flowing into the Bitcoin market. Morgan Creek’s Jason Williams is among who that believe that the Bitcoin price is heading down before the halving.
Confidence among American consumers over the last two weeks slumped by the most on record https://t.co/GnCx0t0ezi pic.twitter.com/LpXW9iCc8K— Bloomberg Markets (@markets) April 2, 2020
Unpopular Opinion:— Jason A Williams (@GoingParabolic) April 1, 2020
The price of BTC will go down from here at the halving.
A Light at the End of the Tunnel?Much of the cryptocurrency industry is celebrating the infinite quantitative easing measures brought in by central banks around the world as a multi-trillion-dollar advertising campaign for Bitcoin. Certainly, money printing on the scale announced by the Federal Reserve should make scarce assets more attractive as a hedge. However, to think that people will suddenly reject the dollar at a time of great crisis seems unrealistic. Almost every facet of modern life has ground to all but a stop in recent weeks. People unsure if their job will be there tomorrow care about their immediate circumstances more than taking on speculative investments. They want to keep food on the table and shelter overhead. In such a situation, it seems doubtful that a Bitcoin allocation will be on many folks’ minds. Like ING and other analysts, Williams isn’t expecting the current downturn to last forever. The Morgan Creek partner actually thinks the Bitcoin price is heading to a new all-time high this year.
In the above tweet, Williams predicts the Bitcoin price will rally to more than $20,000 in the months following the halving.
The world is trading #bitcoin 24 hours a day. 7 days a week.— Jason A Williams (@GoingParabolic) April 2, 2020
New ATH coming in Sept of this year IMO. pic.twitter.com/X2mygZMVkV
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.