Willy Woo – Bitcoin’s Rally is Not yet Over
Bitcoin’s price plunged last week to hit a nadir of $30,000, mirroring the panic mode in the cryptocurrency market. Well-known Bitcoin (BTC) analyst Willy Woo, nevertheless, believes that Bitcoin’s steep uptrend is yet to begin.
While speaking with podcaster Peter McCormack on YouTube channel named What Bitcoin Did, on May 21, Woo gave his opinion on the numero uno cryptocurrency’s latest network, price trend and its prevailing state. Woo pointed out that several macro indicators reflect underlying bullishness for Bitcoin.
According to Woo, “there’s an immense amount of activity on the network between investors compared to the valuation.” The comments were made by highlighting data from Bitcoin’s NVT ratio, which indicates blockchain network activity in correlation to market cap.
Woo stated “We haven’t seen any kind of mania. We dumped down from a level which was highly organic — no speculative premium. The 2017 top, for example, we were I think 3.8% higher than the organic evaluation.”
With respect to the prevailing state of Bitcoin, Woo said “This is just a middle of the bull market derivatives unwind.”
Bitcoin hit about $65,000 in April, according to the data provided by CoinGecko.com. Consequently, the asset’s price fell below $50,000 for some time, rebounded above that level, but was unable to cross above $60,000 and crumbled to the $30,000 level.
Pointing to the overall situation, Woo opined that “it’ll take a bit of time to recover, just from the sheer amount of coins that we dumped out. I think ultimately, if you look at the network health, this is a good thing.”
McCormack queries woo “So it’s not the end of the bull market?” and Woo replied “No, not at all.”
Viewing the price chart, Woo opined that price trend in the short-term is dependent on what is going to happen in the coming days, even though he continues to anticipate Bitcoin’s price to reach levels greater than $100,000.