Popular blockchain analyst Willy Woo is considering the path to Bitcoin as its flagship cryptocurrency tries to break the $ 40,000 level. In the program What Bitcoin Did podcast, Woo expresses his confidence that Bitcoin has not yet entered the bear market, although the asset has dropped from $ 43,000 to just over $ 30,000 in one day.
Bitcoin and the market
Woo points out that the hard fix might be healthy for the market, and states the following:
What happened is not the beginning of the bear market. Actually, it is in the middle of the bull market. So we have a lot of cheap coins in the market here. I think it will just take a while to get rid of the huge amount of money we are throwing out. It will take time to regroup. I think after all, if you look at the health of the network, that’s a good thing.
Woo acknowledges that the decline could affect the price target for the current bull market. However, he thinks it is too early to say how resilient Bitcoin will be in the middle of the sale. Stating that the model he used for the summit of the market is based on the price trajectory, Woo emphasizes that this model slows the rise to the peak and comments:
Yeah, it’s too early to say. It is based on what will happen in the next quarter of the bull market, but it will go above $ 100,000, I’m sure. We need to go up very quickly to reach $ 300,000. Right now, I have a target of $ 200,000- $ 400,000. I need to see how this price will absorb. I want to see what happens in the coming weeks, but it’s definitely slow.
Bull movements in the stock markets
The data analyst points out some bullish Bitcoin movements in the exchanges and points out that this could mean that Bitcoin is in recovery mode.
It’s really too early to get a feel for how this will heal. He’s getting better. We saw massive peaks and flows in the stock markets as we dropped below the $ 40,000 range, so there are many ups and downs in stock flows.