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Bitcoin technical analysts have begun to disagree on the future of the price of Bitcoin since the cryptocurrency sets the lows of three weeks on January 14th.
Shirakashi: Bitcoin "Strong Case" has hit the bottom
In a post on Medium and on Twitter, Willy Woo, creator of Renato Shirakashi and Woobull.com, offered divergent opinions on what the short term had in store for Bitcoin, discussing whether BTC / USD 00 had established a definitive "fund" in its bear market.
The pair had reached $ 4250 at the start of this month before a series of drops had seen a support of around $ 4000 to evaporate. At the time of printing, Bitcoin was trading around $ 3540, its lowest price since December 18th.
Shirakashi, presenting a bullish case, expressed skepticism about the warnings previously issued by operators such as Tone Vays. Such as Bitcoinist Vays, which had previously correctly called the price of Bitcoin dropped from $ 3000 to $ 3500, believes that BTC / USD could only touch $ 1300 – or even lower.
"I have a lot of respect for Murad Mahmudov, David Puell, Willy Woo, Tone Vays but I have to respectfully disagree with them," wrote Shirakashi.
I have a really strong case in my hands in this state: the Bitcoin fund is inside.
A series of technical indicators, including those developed by Mahmudov and Puell, support the point of view, he said.
Woo Cautions On Optimism
At the same time, Woo focused on chain volume volatility to suggest that Bitcoin was even less successful – less volatility is a prerequisite for price growth.
"The bottom is in? Not yet", he tweeted.
In order for the bottom to be inserted, the volume of coins that change hands becomes stable, it is currently very irregular, synonymous with detoxification of the bear.
Is the bottom inside? Not yet.
In order for the bottom to be inserted, the volume of coins that change hands becomes stable, it is currently very irregular, synonymous with detoxification of the bear. (In this chart, I'm monitoring the volatility of the on-chain volume). pic.twitter.com/aVYI1Ortxh
– Willy Woo (@woonomic) January 14, 2019
The technical arguments broadly reflect the broader opinion of the industry on the price this year. Last week, civic CEO Vinny Lingham said he imagined that Bitcoin would trade sideways under $ 5000 for "one or two months" before making a decisive move, while others believe that 2019 will see new highs ever.
Likewise, Shirakashi predicted a period of little activity before growth began.
"The fact that I'm claiming that Bitcoin has hit the bottom does not mean I'm going straight," he concluded.
In fact, I think we will be in a range of 3k ~ 5k for a relatively long time, as demand will start to grow again (or some big event happens in the meantime). There will be a series of small tests that the market will do to confirm that this is a safe place.
Shirakashi also questioned the concept that Bitcoin bear cycles lengthen from time to time.
What do you think of the Bitcoin price analysis by Willy Woo and Renato Shirakashi? Let us know in the comments below!
Images courtesy of Shutterstock
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