The price of Bitcoin dropped sharply this week, with the lowest falling below $30,000. However, popular 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 talked about some points of view, 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 was referring 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 US$50,000 for a period of time, then rose back above this price level, reaching nearly US$60,000, and then began to fall to the US$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 the network health point of view, this is a good thing.” He seems to mean 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.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.