Despite recent Bitcoin (BTC) price movements sparking market disagreements, Wall Street analysts remain optimistic about its long-term prospects. Overall, some believe that Bitcoin may soon re-enter the price discovery phase, as its asset attributes are being re-priced by the market, and its long-term potential remains solid.
In an interview with CNBC, William Blair’s fintech stock analyst Andrew Jeffrey stated that short-term price corrections have not shaken his view of Bitcoin’s long-term value. Overall, the crypto market performance in early 2026 is expected to be stronger than in Q4 2025. Although BTC experienced a decline of over 2% after a rebound, its previous gains approached 5%, demonstrating market resilience.
Regarding recent price volatility, Jeffrey believes that Bitcoin’s movements reflect its characteristic as a “not fully mature asset.” He pointed out that Bitcoin’s current market cap exceeds $1.9 trillion, but its supply structure is highly concentrated, with about one-third of Bitcoin held in roughly 2 million wallets. This concentration often amplifies price fluctuations under market pressure.
Additionally, he mentioned that some new investors entering the market through ETFs in recent years have relatively fragile confidence. During corrections, they are more likely to take profits or cut losses, which can intensify short-term selling pressure. This behavior can trigger chain reactions, putting greater stress on prices in a short period. However, from a medium- to long-term perspective, he believes that the current risk-averse sentiment is unsustainable.
From an asset positioning standpoint, Jeffrey emphasized that Bitcoin is gradually being viewed by the market as a store of value rather than a means of payment. He believes stablecoins are more suitable for daily transactions, while Bitcoin’s core advantages lie in its scarcity and long-term preservation potential. Overall, he expects Bitcoin’s future market cap to continue expanding, even approaching gold in the long run, which currently has a market cap about 15 times that of Bitcoin.
Regarding market structure, he further pointed out that Bitcoin remains the core driving force of the crypto market. In the long term, without Bitcoin’s leadership, the overall cryptocurrency market will struggle to achieve sustained growth.
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