Bitcoin (BTC) may begin to "peel off" from traditional markets and we will see increases. However, this week will be crucial, says Willy Woo, who believes that BTC will now behave like gold in 2008.

Bitcoin will be like gold in 2008?

In a series of tweets from March 23, the respected analyst who deals with cryptocurrencies said that recent increases in the BTC / USD pair in the face of persistent turmoil on the stock exchanges and the economy as a whole were encouraging for digital currency farmers.

Woo: Bitcoin wants to break away from "old" markets

Woo believes that we can already see that BTC "is separating from the [stock market] . " "We will receive more confirmations in a week," he  believes.

Will this happen? It can make sense if the global economy actually collapses. Then it will be possible to suspend quotations on the stock exchanges more often, which in turn will provoke investors to look for other markets where they can trade and earn. In addition, sellers are already running out of gold and silver. Investors have bought metals and do not want to give them away at fairly high prices.

Woo is also of the opinion that bitcoin will recreate in such conditions the gold movement that was observed in 2008 during the financial crisis:

"1) Investors leave risk-bearing leveraged positions and sit in USD. Retail investors sell [assets] for USD. All assets are falling versus USD.

2) After the peak [fear] stage, the best assets include price increases (gold in 2008, gold & BTC in 2020). "

Fall to USD 2000 is possible?

Such a scenario - like any other in such an extreme situation as the current one - is real. However, another bitcoin bull looks at the matter differently. Last week, investor Tone Vays, because we are talking about him, said that he would not be shaken by such a big drop in the BTC price to such a low level as 2000 dollars, if it takes place before halving, i.e. before May 2020.

Today, you need to pay around USD 5,900 for 1 BTC, which translates into a relatively small decrease in price by less than 5 percent. on a 24-hour scale.