Leading Analyst Willy Woo: Bitcoin’s Overall Upward Trend Isn’t Over

Popular bitcoin analyst Willy Woo points out some signs and symptoms that the bitcoin bull market is not over yet.

Leading Analyst Willy Woo: Bitcoin's Overall Upward Trend Isn't Over

The price of bitcoin fell sharply this week, dropping to as low as below $30,000. However, popular bitcoin analyst Willy Woo believes that the overall upward trend in bitcoin is not over yet.

In an interview with podcaster Peter McCormack posted on the “What Bitcoin DidYouTube” channel on May 21, Woo addressed a number of points, including Bitcoin’s recent network and price action, as well as its current state. macro indicators point to a positive price for bitcoin. woo said, “there is a lot of activity among investors on the network as opposed to the market cap.” He was referring to Bitcoin’s NVT ratio, which shows the relationship between blockchain network activity and market capitalization.

Woo continued, “We’re not seeing any mania. We’re selling off from a highly organic level with no speculative premium. In 2017, for example, I think we’re 3.8% above the organic assessment.”

Commenting on the current state of Bitcoin, Woo said:- “This is just the middle stage of a derivatives bull market.” Bitcoin reached around $65,000 in April, according to TradingView. Bitcoin then fell below $50,000 for a period of time, before rising back above that to nearly $60,000 and then starting to fall to the $30,000 range.

Just from the amount of tokens we’ve sold out, I think it’s going to take a little bit of time to recover,” Woo said. I think that’s a good thing from a network health perspective.” He seemed to be referring to the overall situation.

McCormack asked Woo bluntly, “So this isn’t the end of the bull market?” To which Woo responded, “No, it’s definitely not.”

Looking at his chart, Woo said price targets and details depend on the next few days, but he expects bitcoin’s price to reach $100,000 or more. During the interview, Woo and McCormack also chatted about a number of other issues.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/leading-analyst-willy-woo-bitcoins-overall-upward-trend-isnt-over/
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