Friday, June 18

Leading On-Chain Analyst Willy Woo Evaluates The Way Bitcoin (BTC) Can Take

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Popular on-chain analyst Willy Woo evaluates the path that leading cryptocurrency Bitcoin can take as it tries to break the $ 40,000 level.

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In an interview with the What Bitcoin Did podcast program, Woo expresses his confidence that Bitcoin has not yet entered the bear market, although Bitcoin fell from $ 43,000 to $ 30,000 in one day. Woo also says the hard fix might be healthy for the market:

“This is not the beginning of a mania phase and the bear market that followed. This is the middle of the bull market… So we have a lot of cheap money sitting here in the market. I think it will just take a while to get rid of the huge amount of money we are throwing out. It will take time to regroup. If you look at the health of the network, that’s a good thing. ”

Woo acknowledges that the decline could affect the price target for the current bull market, but it’s too early to say how resilient Bitcoin will be mid-sell:

“The model I used for the top of the market is based on the price trajectory and this slowed the model’s rise to the top.

Yeah, it’s too early to say. It is based on what will happen in the next quarters of the bull market but it will go above $ 100,000, I’m sure. We have to go up very quickly to reach $ 300,000. Right now, the approximate value is between $ 200,000 and $ 400,000… I need to see how to get this price. I want to see what happens in the coming weeks, but this is definitely slow. ”

The data analyst points to some positive Bitcoin movements in the exchanges and points out that this could mean that Bitcoin is in recovery mode:

“It’s really too early to get a feel for how this is all set. Picking up. We saw enormous peaks and flows in the stock markets as we dropped below the $ 40,000 range, with stock flows going up a lot. “

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