Willy Woo is one of the most popular Bitcoin analysts out there. In a market that seems very negative, Woo was asked a lot of questions about the potential of Bitcoin in the future. His answers easily went in the daily news section of our DC Forecasts Bitcoin news site. We are listing them below.
When asked about the potential indicators of the future, Woo who is the founder of Woobull.com, said that there is a bearish short-term trend that is present for Bitcoin and the entire crypto space in general which typically indicates a sell signal.
As he said while explaining the signals for a bearish trend:
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.”
According to Woo, Bitcoin may enter an accumulation phase which is what could give it a push for a new upward trend.
“Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards,” Woo was confident.
He also explained that if Bitcoin bounces in the short-term (which is a possibility) and surpasses the $7,000 mark, a bull run before the Q2 of 2019 can happen.
“If price (in the short term) bounces upwards here, which is certainly possible, I think the 200 day moving average is the upper band of the move. This is around $7,000 right now. Remember if price goes above the 200 DMA, in the history of BTCUSD’s 8 year trade history, it’s been a reliable indicator of bear to bull transitions. It’s too early to transition out of the bear,” he concluded.
Still, Bitcoin (BTC) is struggling to break out of the $6,800 resistance level and is keeping at the same situation for the past three months. A breakout above $7,000 is even more difficult with the current market conditions.
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
Bitcoin Reaches A New Yearly Low At $3,200, Downward Trend Continues
“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected. “Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote. So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen. Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
Analysis: Interest In Crypto Rises With More Than 55 Million Users In 2018 Alone
“Combining public data and survey findings, we estimate that the total number of user accounts at service providers amounts to at least 139 million in late 2018.’’Active and verified users have increased seven times than two years ago. Last year the number of crypto users was 18 million, in 2016 there were only 5 million. The report notes:
“Using a combination of verified user data and the average share of ID-verified accounts described above, we also estimate there are currently at least 35 million ID-verified users globally.”There has also been an increase in the number of active users has also increased which in 2016 was about 35%, it rose to 36% and this year reached 38% active users. Despite the bear market, there is an even bigger increase in the number of crypto service providers that add support for multiple cryptocurrencies. Even cryptocurrency exchanges support multiple coins which make up to 89% of all the exchanges but also wallet providers decided to add multi-coin support up to 90%:
“Wallets with multi-coin support surged from 46% in 2017 to 90% in 2018, with 60% of wallets currently supporting more than 3 cryptoassets as opposed to only 10% in 2017.’’
Altcoins Consolidating Above The Yearly Lows, Bitcoin Follows The Recovery Path
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