Popular Bitcoin analyst Willy Woo noted a few signs and symptoms indicating the BTC bull run still has some juice left.
Bitcoin’s price fell significantly this week as the $30,000 price
level waved hello to the frantically falling asset. Willy Woo, a popular
Bitcoin (BTC) analyst, however, thinks the curtain call for Bitcoin’s overall upward rally has not occurred yet.
During an interview with podcaster Peter McCormack, posted on the What Bitcoin Did
YouTube channel on May 21, Woo talked about a number of points,
including Bitcoin’s recent network and price activity, and its current
state. Woo noted that many macro indicators point toward price
positivity for Bitcoin. “There’s an immense amount of activity on the
network between investors compared to the valuation,” Woo said,
referring to data from Bitcoin’s NVT ratio, which shows blockchain network activity in relation to market cap.
“We
haven’t seen any kind of mania,” Woo continued. “We dumped down from a
level which was highly organic — no speculative premium,” he said. “The
2017 top, for example, we were I think 3.8% higher than the organic
evaluation.”
“This is just a middle of the bull market derivatives
unwind,” Woo said of the current state of Bitcoin. Bitcoin reached
around $65,000 in April, based
on TradingView data. Subsequently, the asset declined down below
$50,000 for a period, recovered above the level for a time, reaching
nearly $60,000 before beginning its descent down to the $30,000 range.
“I
think it’ll take a bit of time to recover, just from the sheer amount
of coins that we dumped out,” Woo said. “I think ultimately, if you look
at the network health, this is a good thing,” he said, seemingly
referring to the overall situation.
McCormack asked Woo straight: “So it’s not the end of the bull market?” To which Woo responded: “No, not at all.”
Looking
at his chart, Woo said price targets and details depend on the days
ahead, although he expects Bitcoin’s price to hit levels higher than
$100,000 per coin. Woo and McCormack also chatted about a number of
other points during the interview.
source link :https://cointelegraph.com/news/will-woo-doesn-t-think-bitcoin-s-overall-upward-run-has-ended
