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The veteran analyst of the digital currency, Willy Woo, had predicted correctly at the end of May that Bitcoin (BTC) would test levels below $ 6,000 before the signs of recovery in the markets occur. At that time, he did not see BTC holding the price level of $ 7,000 and had this to say:
I think we're going to $ 5500-5700 later, I can not see $ 7000 in hand. Most likely we will balance a little, then we will flow. Long time intervals here, looking in June for an approximate timing of this to play the best.
Woo would also add that BTC is less likely to fall below $ 5,000 during at that time . [19659004] I do not necessarily think that we fall in the 5000s … of course it is a possibility but it is not necessary. It is not a repetition, it is not Mount Gox and Willybot to raise the price with the false orders, we are not detoxing from a bubble of fraud. Technically $ 5000 is a very strong support band
Sure enough, BTC dropped to the lowest value this year on June 29 when it was valued at around $ 5.800- $ 5.900. Three weeks later, BTC rose to levels above $ 8,000 from last Tuesday, July 24th. However, these values were short-lived because BTC fell to the current value of $ 7,615 in a period of only 2 days.
Flash Dump and Moon
Willy Woo once again predicted that Bitcoin will probably continue to decline in value due to a flash dump. When this is done, BTC will save as Gold did during the 2008 Wallstreet financial crisis. Woo made these comments via twitter when stated the following :
Interesting to see most think BTC Luna. I think BTC will download the landfill, then the moon later, just like with the gold in WFC 2008. Flight to safety: everything else runs out in USD, then used to drop positions with leverage, then afterwards havens as Gold and BTC have a bull run. [19659005] He will also add that his performance is subordinated to institutional investors who buy BTC.
Probably also depends on how many institutional actors are in the BTC market at the time. Normal retail HODLs will not tend to have high leverage positions to separate from, perhaps apart from mortgages.
The complete tweet can be seen below.
Probably also depends on how many institutional actors are in the BTC market compared to that period. Normal retail HODLs will not tend to have high leverage to relax, except for mortgages.
– Willy Woo [beware of imposters] (@woonomic) August 1, 2018
Willy Woo also advised how to trade in a bear market. He stated that :
When in bear, stay in USD as the base currency, then short (and long with extra care). When you are in the bull, stay in BTC and vice versa.
Mr. On many occasions Woo preferred to use the NVT signal / ratio to analyze the future of BTC. The standard NVT report is simply the assessment of the network divided by the value of the transaction flowing through the blockchain and then leveled using a moving average. The NVT signal then applies the moving average only to the value of the transaction. The signal is the work of Willy Woo and Dimitry Kalichki.
Disclaimer: this article is not intended to give financial advice. Any opinion here should be taken as well as it is. Perform your research before investing in one of the many cryptocurrencies available.
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