Senior Analyst Reiterated the Bottom Price For Bitcoin! BTC Is Going to Those Levels!
Senior on-chain analyst Willy Woo said that the largest crypto currency Bitcoin (BTC) is in an accumulation phase similar to the market bottoms in 2015 and 2018.
“Bitcoin Managed to Stay Strong”
On-chain analyst Willy Woo, who gave an interview to Scott Melker, stated that buyers have stepped in to support Bitcoin in recent days, reducing volatility and putting it in a horizontal trend, stating the following::
That’s really when the build-up comes in the cycle, isn’t it? People buy, they put a bottom in the price, volatility falls. And we saw this at the bottom of 2018, at the bottom of 2015. We even saw it at the bottom of 2012. So, yes, of course, people keep the price up because they want Bitcoin.
Woo added that BTC has managed to stay strong in the face of the negative winds that are blowing, including the recent bankruptcy filing of the crypto money loan company BLOCKFI:
This situation is being absorbed. What’s really interesting about BlockFi’s bankruptcy is that we’ve seen a kind of pullback. He had fallen before. I think it’s the inside sellers who knew the announcement was going to be made. it dropped $500 or something like that and quickly recovered. And now we are breaking upward. I think we have a lot of buyers at this price. The indicators I have show that when you see a large number of cryptocurrencies moving and the price goes sideways, this is a sure sign of accumulation. So this is happening. I follow it. This is the reason why the price is moving horizontally.
He Reiterated the Bottom Price Prediction For BTC
Woo, who also evaluates the price at which the largest crypto currency Bitcoin could potentially Decimate, has his eye on somewhere between $ 14 thousand and $ 10 thousand, which he previously announced last week as part of the “maximum pain model:
12 grand wouldn’t shock me. 10 thousand dollars, I think, everyone wants, and that’s why usually what everyone wants does not come true. So it wouldn’t surprise me if 12 thousand, 13 thousand dollars came. It could go up from here or it could go even lower. These are very far-reaching indicators. But it’s probably not a bad time for dollar cost averaging.
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