BTC halving is imminent, how will the crypto market perform in the future?

Vays said he was surprised by last Thursday’s rally, which took BTC from $6,214 to a high of $7,040. At this point, Vays said the key for the next two months will be tracking whether Bitcoin’s price can surpass $8,000.

But an analyst named PentarhUdi believes that global economic turmoil may deal a heavy blow to the price of Bitcoin, causing it to fall below $3,000 again.

In an interview, Draper warned that prolonged isolation due to widespread lockdowns could exacerbate the financial crisis caused by the disease, and shared his thoughts on a projected V-shaped economic recovery, in which the U.S. will bounce back quickly from the current recession.

“If the dollar depreciates because of massive money printing in the U.S. and people know that gold is no longer worth buying, then Bitcoin is a safe haven.”

Crypto investors similarly see a silver lining in the current situation. Draper believes that during bull markets, people are generally reluctant to change, but the current pandemic is driving a shift in habits as people look for better, cheaper, and faster alternatives in banking, healthcare, and other industries. He believes that the crisis could drive adoption of new technologies such as blockchain, smart contracts, and Bitcoin.

Disclaimer: This article does not constitute any investment advice, it only represents personal opinions and has nothing to do with the official position of Spider Mining Pool. The cryptocurrency market is risky, so be cautious when investing.