Bitcoin and altcoins have been wreaking havoc on the market with sharp declines over the past week. While bullish predictions for BTC and altcoins continue, some are predicting a long-term uptrend like gold, while others are focusing on short-term bullishness and altcoin season.
First, gold advocate and Bitcoin hater Peter Schiff reignited the BTC-gold debate.
Schiff harshly criticized Strategy's Bitcoin accumulation strategy, saying, “Gold can accommodate multi-billion dollar sell-offs without experiencing a significant market shock, but selling the same amount of Bitcoin could lead to a sharp price drop and cascading liquidations.”
With this comment, Schiff claimed that gold's market depth provides more flexibility to large investors and argued that gold is much more advantageous than Bitcoin in terms of liquidity, saying that billions of dollars in outflows can be absorbed much more easily in the gold market.
Corrections are Normal!
At this point, analyst James van Straten said that Bitcoin's market structure has changed with the resurgence of gold.
The analyst said that Bitcoin may sometimes lag behind gold and sometimes surpass it, but Bitcoin will still lead in total returns over a full cycle.
However, the analyst stated that Bitcoin follows a similar path to gold in the long term, adding that a new rise is on the way, but 10-20 percent corrections are inevitable in this process.
Bitcoin will continue its cascading rally, supported by ETF inflows, but intermittent corrections of 10-20% may accompany it.
This is similar to how gold went on a long-term uptrend in the early 2000s and then went through healthy correction periods.
Even if Bitcoin lags behind gold in the short term, it will still show an advantage in long-term returns.
$112,000 Critical in Bitcoin!
Finally, popular cryptocurrency analyst Michaël van de Poppe stated that $ 107,000 gold has a strong buying shadow, saying, “The area below $ 107,000 is a strong buying zone, and if $ 112,000 is broken and the daily close occurs, the return of capital to major altcoins will accelerate.”
Accordingly, experts assessed that “If the $112,000 level recovers and holds, upward momentum may revive, but if this momentum cannot be maintained, a period of consolidation in the range is likely.”
*This is not investment advice.
Continue Reading: What's Next for Bitcoin? Analysts Explain! "$112,000 Milestone!"
Source: https://en.bitcoinsistemi.com/whats-next-for-bitcoin-analysts-explain-112000-milestone/