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. In response, claims have been made in the market that it will take more than 10 years for Bitcoin to be recognized as a true safe haven asset.

Crypto media outlet Bitcoinist reported on April 26 (local time) that while Bitcoin shares similar properties to 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, due to the high uncertainty surrounding new technologies, there is a strong tendency for it to synchronize with risky assets even during wars 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 run.

Technically, Bitcoin is also showing short-term bearish signals. Recently, the price has fallen from its peak, and upward momentum has slowed. Cryptocurrency trading analyst ctm_trader diagnosed that Bitcoin is likely to retest the lower support level if it fails to recover to its previous trading range. Currently, there are overwhelmingly more long positions than short positions in the market, so there is also a constant risk of a 'long squeeze' occurring, which would deter buying.

Looking at the market structure, Bitcoin remains within a bearish flag pattern. Virtual asset trader Minga analyzed that Bitcoin is facing resistance in the monthly Fair Value Gap (FVG) zone. If it fails to break through this zone strongly, the recent rebound is likely to remain a temporary rally within a bear market. It is a time when preparation for further declines is needed.

Bitcoin is currently trading near $77,784, searching for direction. While the market structure is maturing with the inflow of institutional funds and the activation of ETFs, its evolution into a safe haven asset is still ongoing. Investors must understand the gap between Bitcoin's intrinsic value and the market's sober assessment and prepare for upcoming volatility.

*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.*