The price of Bitcoin dropped sharply this week, with the lowest falling below $30,000. However, famous Bitcoin analyst Willy Woo believes that the overall upward trend of Bitcoin is not over yet.
In an interview with podcast Peter McCormack published on the "What Bitcoin DidYouTube" channel on May 21, Woo spoke about some points, including Bitcoin's recent network and price trends and its current state. Woo pointed out that many macro indicators point to Bitcoin's price enthusiasm. Woo said: "Compared with market capitalization, there is a lot of activity among investors on the Internet." He referred to Bitcoin's NVT ratio, which shows the relationship between blockchain network activity and market value. Woo continued: "We didn't see any fanaticism. We sold from a highly organic level with no speculative premium. Taking 2017 as an example, I think we are 3.8% higher than the organic assessment." When talking about the current state of Bitcoin, Woo said: "This is just the middle stage of the derivatives bull market." According to TradingView, Bitcoin reached around $65,000 in April. Subsequently, Bitcoin fell below $50,000 for some time, rose to above this price level, reached nearly $60,000, and then began to fall to the $30,000 range. Woo said: "Just judging from the large number of tokens we sold, I think it will take a while to recover. I think that from a network health point of view, this is a good thing." He seems to be referring to the overall situation. McCormack asked Woo bluntly: "So this is not the end of the bull market?" To this, Woo responded: "No, definitely not." Looking at his chart, Woo said that the price target and details depend on the next few days, but he expects the price of Bitcoin to reach more than $100,000. During the interview, Woo and McCormack also talked about other issues. As a blockchain news information platform, Cointelegraph Chinese provides information only representing the author's personal views, and has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts and earnestly raise their risk awareness. Given that China has not yet issued policies and regulations related to digital assets, users in mainland China are requested to be cautious in their digital currency investments.
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