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