Cryptocurrency analyst says bitcoin is expected to grow rapidly over the next 10 years

A well-known cryptocurrency expert, Willie Wu, said that the flagship crypto asset will show positive dynamics over the next 10 years. In his opinion, BTC has not yet passed the halfway point of the S-shaped adoption curve, so the biggest growth is still ahead.

S-shaped curves are used to visualize the trajectory of any financial phenomena, and in the case of cryptocurrencies, the adoption of technology. Usually, the process starts slowly, then accelerates rapidly, and finally reaches equilibrium.

«Why will bitcoin show outstanding results in the coming decades? Currently,it is used by only 4% of the world’s population, and then more,» Wu said.

While the expert expects parabolic growth in the long term, he currently sees consolidation and even a possible decline in the asset’s price in the short term.

«Right now, bitcoin price behavior is dominated by reversal forces. A sideways or downward movement is more likely than an upward one. Now we need a cooling phase to res et the price,» explains Wu.

The crypto analyst also does not rule out a «short squeeze» situation, in which a large number of traders force additional rallies in bitcoin. «Even now, demand continues to grow, which indicates that we are in the early stages of another price dec line,» Wu concludes.

As of the morning of July 10, bitcoin is trading at $ 30,095, which is 0.54% lower than yesterday. The total number of coins circulating on the crypto market amounted to $ 632 billion, and traders made daily trading deals worth $ 8.8 billion. Over the weekend, bitcoin regained its 50% dominance in the industry.

Earlier, Wu made a forecast for the bitcoin price as of December 31, 2023. According to the analyst, the main cryptocurrency will cost $ 78,280 on the last day of the year. Wu analyzed the bitcoin chart and the Stock To Flow (S2F) model created by anonymous crypto trader Plan B. According to the published data, the price of the metric deviates greatly from the actual value of the flagship cryptocurrency and this difference is larger than ever before in history. In response to the forecast, many crypto enthusiasts said that bitcoin would never reach this level in 5 months.