Cryptomustar
Saturday, July 2, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

After predicting a $2,000 drop, a top on-chain analyst is now bullish on Bitcoin

by admin
September 15, 2020
in Bitcoin
0
After predicting a $2,000 drop, a top on-chain analyst is now bullish on Bitcoin
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter


Bitcoin’s recent correction that brought it from the $12,000 highs to $9,800 didn’t catch all analysts off guard.

In late August, approximately 10 days before everything began trending lower, on-chain and technical analyst Willy Woo said that the “next move is [likely to be] bearish,” referencing the high-$9,000s as a likely landing point for BTC. The cryptocurrency was then trading just shy of $12,000.

RELATED POSTS

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

President Bukele says ‘thank you for selling cheap,’ as El Salvador buys more Bitcoin

Woo is now predicting that Bitcoin has a high chance at reverting back to the upside, having almost perfectly predicted the price action of the past few weeks.

Bitcoin analyst who predicted the ongoing drop thinks it’s unlikely BTC drops from here

Woo noted on Sep. 14 that Bitcoin is in a good spot because the number of BTC changing hands, as per his on-chain data, recently put in a local top. To him, this is a sign that Bitcoin will have a positive skew in the weeks and months ahead as opposed to a negative one:

“Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards. It’s very unlikely we’ll see any kind of a catastrophic dump in price from here.”

Macro update:

Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards. It’s very unlikely we’ll see any kind of a catastrophic dump in price from here. pic.twitter.com/FzEanBl0zk

— Willy Woo (@woonomic) September 14, 2020

As can be seen in the chart, each spike in “Bitcoins Changing Hands” has resulted in a reversal in price action: at the March lows, for instance, the indicator spiked before Bitcoin surging back towards $10,000.

Stepping back even further, Woo noted that the Bitcoin Difficulty Ribbon, along with the Bitcoin RVT Ratio (effectively BTC’s P/E ratio), indicates that the cryptocurrency remains on track for long-term macro growth that will take it to new all-time highs:

“Overall, I’m not expecting any mega dump, some chance of smaller whipsaws in the short timeframes, resistance is teetering. Not a bad time to get in if you’re a spot investor, given the longer range macro. There’s plenty of buy support below 10k, this is a buy the dip scenario.”

Far from the only notable bull

Willy Woo is far from the only notable analyst in the space that has recently expressed a sentiment that Bitcoin is poised to move higher.

Former hedge fund manager and current CNBC “Fast Money” host Jim Cramer recently told Anthony Pompliano of Morgan Creek Digital that he is purchasing Bitcoin.

Referncing the ongoing macroeconomic situation, which analysts say may trigger strong bouts of inflation, Cramer said that he thinks “crypto,” especially Bitcoin, could be added to the “menu” of assets that can resist inflation.

Still thinking bitcoinhttps://t.co/5wjoZUjd0v

— Jim Cramer (@jimcramer) September 14, 2020

By a similar token, Mike McGlone of Bloomberg Intelligence recently stated that the way the macro picture is shaping up, both gold and Bitcoin are expected to appreciate and outpace other markets:

“Some overdue mean reversion in the stock market is pressuring most assets, but we expect gold and Bitcoin to come out ahead in most scenarios. Declining equity prices encourage more monetary and fiscal stimulus…”

Like what you see? Subscribe for daily updates.





Source link

Tags: AnalystBitcoinBullishDropOnchainpredictingTop
ShareTweetShare

Related Posts

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

by admin
July 1, 2022
0

The crypto industry has experienced its worst month ever as over $400 billion was wiped off the market by...

President Bukele says ‘thank you for selling cheap,’ as El Salvador buys more Bitcoin

President Bukele says ‘thank you for selling cheap,’ as El Salvador buys more Bitcoin

by admin
July 1, 2022
0

On July 1, President Bukele tweeted that El Salvador had bought another 80 Bitcoin (BTC) at $19,000 per token....

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

by admin
July 1, 2022
0

El Salvador’s president and Bitcoin fanatic, Nayib Bukele, doubled down on his country’s sinking investment in the cryptocurrency by...

What’s next for Bitcoin as market sentiment sours?

What’s next for Bitcoin as market sentiment sours?

by admin
July 1, 2022
0

Recent market volatility pushed Bitcoin below $20,000, marking the first time in its history it had sunk lower than...

CFTC charges Mirror Trading International with alleged fraud of $1.7 billion worth of Bitcoin

CFTC charges Mirror Trading International with alleged fraud of $1.7 billion worth of Bitcoin

by admin
July 1, 2022
0

The Commodity Futures Trading Commission (CFTC) has charged Cornelius Johannes Steynberg and his company Mirror Trading International (MTI), with...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Bitcoin, Ethereum, Crypto News and Price Data

Top Talent Is Migrating to Web 3

April 6, 2022
Panthera Trade – Dubai Signs Deal With Coinstore – Singapore

Panthera Trade – Dubai Signs Deal With Coinstore – Singapore

June 10, 2022
Coinbase introduces KYC rules for its Netherland users to comply with local legislation

Coinbase introduces KYC rules for its Netherland users to comply with local legislation

June 24, 2022
Cardano is still the most heavily developed blockchain on GitHub

Cardano is still the most heavily developed blockchain on GitHub

December 9, 2020

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Crypto World Is Cautious of Finer Details In EU’s MiCA Law
  • El Salvador compra 80 bitcoins adicionales a $19K cada uno, según el presidente Bukele
  • BlockFi’s Fire Sale Shows the Uber Startup Model Is Disastrous for Finance
  • Crypto Mining Stocks Have Huge Upside, Says DA Davidson as It Slashes Hashrate Forecasts
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%