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Popular Crypto Youtuber Altcoin Daily, in a new video, sits down with the Co-founder of SuperFarm DAO Elliot Aka Elliotrades, to anticipate what’s in store for Bitcoin’s trajectory. Will it enter a bear market soon, or have a parabolic breakout further.
Eliot opines, Bitcoin now is too big to fail, with all the validation it has received this year. This year’s trajectory is the proof for people to believe Bitcoin is not going away ever.
The huge validations of the year are Elon Musk’s Tesla and Micheal Saylor’s Microstrategy pouring in humungous chunks of money into Bitcoin. And other companies are adding it as a reserve asset to their balance sheets too.
He further says Bitcoin will never go below $33000 ever. With evolving infrastructure and a possible Bitcoin ETF, it will go on to replace gold hedges in many portfolios. Of course, not overnight but certainly over a period of time.
“For me, it’s a matter of time these things aren’t going to happen overnight but the next chapter is really the big money bags getting involved and people kind of treating it like a long-term savings account which is already happening to certain degrees and that trend will continue”.
10-20% Chance of No Bull Market for 5 years
Bitcoin is going uphill every day. as it provides liquidity to the entire ecosystem, and as it grows it is going to be great for all the tokens on the block.
On weather, there will be a bull market next year, repeating the history of 2017. Elliot says,
With increasing demand, many new entrants are witnessing growth, and people losing trust in traditional currency. there is a good 10-20% chance for Bitcoin to not see a bull market for at least 5 years
“There’s probably a 10-20% chance that this cycle based on stimulus and money printing and all these things just continue to grow and bitcoin just kind of works it’s way up over time.”
He further says, this time Defi will change the bear market because now people can earn yield and put their assets to work. Therefore, now holding stablecoins and locking them in protocols to earn yield is possible which wasn’t the case last time.