Travis Kling, the Chief Investment Officer and founder of Ikigai Asset Management believe that looking at the maturity in the crypto trade markets and the number of traditional financial institutions jumping on the crypto bandwagon, the future is certainly bright and optimistic for the crypto space. However, King believes that the long term goal of making crypto a mainstream form of payment would only be achieved if there is mutual coordination in the community.
King recently tweeted about the inevitable explosive growth of the sector but also warned against the petty squabbling, which he sees as harmful to the long-term viability of cryptocurrency. His Tweet Read,
“We all need to realize the explosive growth that is imminent for crypto.
We must realize how petty, immature & unfruitful some of our words/actions can be. They are to the detriment of the long term health of our ecosystem.
NOW is our collective time to shine.
Let's act like it.”
Crypto Market’s Short Term Outlook
2019 brought in a lot of expectation from the crypto world since the majority of 2018 was plagued by strong bearish trends which have cut down the market capitalization of major cryptocurrencies by more than 90%. The crypto enthusiasts were hoping for a massive bull run to take charge, but analysts suggested that a full-fledged bull run could arrive towards the latter half of the year. However, to everyone’s surprise, the bullish trends arrived on April 2nd, which saw a majority of the cryptocurrencies making double-digit gains.
The current price rally should not be taken as the full-fledged bull run, as analysts say that the current pattern of price movement is quite similar to 2017 and see another bottom in prices and then rebound to new price highs. However, the community is divided over this very same topic, while some say that the Bitcoin has already seen its bottom and we are currently in a bull run, given the fact that Bitcoin has climbed 35% starting from April 2nd.
Tone Vays one of the cryptoanalysts who believe we are not yet in the full-fledged bull run and a price bottom of around $3414 is quite a possibility. He also drew attention towards the Chinese crypto mining ban as a factor behind his bottom prediction. He explained,
“the bears, like Tyler and myself, are simply following the trend. And the overall trend is still down. For me to become a bull, I need to see that fall to $4,000, and then reverse and prove to me that it’s going to make a higher low. And then prove to me that it’s going to make a higher high. So until that happens, I can’t be a bull.”
The Long-Term Crypto Outlook
The Short-term vision of the crypto space is quite divisive where some believe the prices will go only higher from here while many others believe that we have reached the phase of bull run and already in it. However, the long-term predictions are more on the same line where the majority believe that in the long run, the Bitcoin prices would even surpass the 2017 peak of around $20k. The optimism is so high that some analysts have gone on to claim that the next Bull run will take the prices of Bitcoin so high that it would become unaffordable for the next generation.
Tom Shaughnessy, the founder of Delphi Digital, a digital asset research company, predicts the next bull run will exceed anything seen before. He says that the reason for the high peak will be the change of notion towards the digital asset. While the 2017’s peak was mainly due to the speculation, the next bull run will be on the widespread use cases. 2017 peak prices attracted a ton of attention to the decentralized space and marked the inflow of new investors. While 2018 bearish markets were a headache for new investors, the longest crypto winter was able to cut down the price volatility by a significant margin. The maturity in the market has now attracted several traditional bankers and investors into crypto space.
The Community Needs To Be United
While the whole crypto market is quite optimistic about the long-term future of the crypto tokens, the analysts believe that there is a need for unity and soldiery in the decentralized space, in the light of BSV delisting fiasco. Mind you BSV token has been delisted from numerous crypto exchanges and service providers after Craig Wright’s attorney sent threatening letters to various blockchain personalities for calling Wright a scammer and fraud. This bullying behavior did not go down well with many as Binance announced the delisting which was followed by Kraken and Shapeshift as well.
The decentralized space which began with satoshi’s vision of a decentralized peer-to-peer cashless network has become an overly crowded space with thousands of tokens listed on the market. While the goal was to help the poor and needy, the crypto space has become a place for the war of words, lawsuits, and threats like any other. If these nuisances continue, it would surely see a setback in the larger goal.