Willy Woo "Bitcoin, wait 10 more years to become a safe haven asset"

▲ Bitcoin (BTC), Gold/AI-generated image

Despite Bitcoin (BTC) possessing censorship resistance and independence, it is still traded like a risky asset. Thus, it has been argued in the market that it will take more than 10 years for Bitcoin to be recognized as a true safe-haven asset.

Cryptocurrency specialized media Bitcoinist reported on April 26 (local time) that although Bitcoin shares similar properties with gold, it still shows a high correlation with the Nasdaq index in the market. Virtual asset analyst Willy Woo evaluated Bitcoin as having the potential to preserve wealth even in the event of a system collapse. However, the limitation pointed out was that large capital has not yet fully recognized these properties.

Analyst Woo predicted that at least 10 more years must pass for Bitcoin to be firmly accepted as a safe-haven asset in the market. Currently, there is great uncertainty about new technology, so it tends to synchronize with risky assets even during war or economic crises. If Bitcoin gains market trust, it is expected to become a dominant store of value, competing with gold's market capitalization in the long term.

In terms of technical indicators, Bitcoin is also showing short-term bearish signals. Recently, the price has fallen from its peak, and upward momentum is slowing down. Cryptocurrency trading analyst ctm_trader diagnosed that Bitcoin is likely to retest the lower support line without recovering to its previous trading range. Currently, long positions overwhelmingly outnumber short positions in the market, so there is also a risk of a 'long squeeze' occurring, which dampens buying pressure.

Looking at the market structure, Bitcoin remains within a bearish flag pattern. Virtual asset trader Minga analyzed that Bitcoin is facing resistance in the Fair Value Gap (FVG) zone on the monthly chart. If it fails to break through this zone strongly, the recent rebound is highly likely to be a temporary rally within a bear market. Preparation for further downside is needed at this point.

Bitcoin is currently trading near $77,784, seeking direction. While the market structure is maturing with the influx of institutional funds and the activation of ETFs, its evolution into a safe-haven asset is ongoing. Investors must understand the gap between Bitcoin's intrinsic value and the market's sober assessment and respond to the upcoming volatile market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*