Popular on-chain analyst Willy Woo has recently revealed that he believes Bitcoin ($BTC) is currently mirroring a bottom formation seen over the last two bear markets the flagship cryptocurrency has endured, in 2015 and 2018.
During an interview with Scott Melker, Woo said that $BTC buyers have recently started accumulating the flagship cryptocurrency after its price dropped below the $20,000 mark in the wake of FTX’s collapse.
https://youtube.com/watch?v=4xAcis4vfog%3Ffeature%3Doembed
Woo added that he believes we’re at a time in the cycle in which “people buy, they put a floor price, the volatility drops.” Per his words, the same thing happened during the 2018 and 2015 bear market bottoms, and even in the 2012 bear market bottom. He added that “people are holding the price up because they want Bitcoin.”
The analyst noted that ahead of BockFi’s bankruptcy filings, BTC’s price went down as he believes insiders sold their coins “knowing that the announcement would happen,” but added the price of the cryptocurrency recovery quickly as demand grew.
Woo added that his indicators are “showing when you see a lot of coins moving and the price going sideways that’s a sure sign of accumulation. Bitcoin, he said, could still drop further to between $14,000 and $10,000. The analyst said:
$12,000 wouldn’t shock me. $10,000, I think everyone’s wanting and so it usually doesn’t happen what everyone wants. So $12,000 wouldn’t shock me, $12,000, $13,000. It may run away from here or it may drop even further
As CryptoGlobe reported, a cryptocurrency analyst has recently predicted a “massive bull run” is set to occur on BTC as the cryptocurrency is currently in the same situation it was in during the 2015 bottom, as its inverted and logarithmic Moving Average Convergence divergence (MACD) indicator has moved above its zero line while its price fell onto a support zone which was created by the upper wick of a monthly candle seen in the previous cycle’s top.
It’s worth noting that the MACD indicator is a trend-following momentum indicator that “shows the relationship between two exponential moving averages (EMAs) of a security’s price.” Its signal line, which the analyst used, is a nine-day EMA of the MACD line, which is itself calculated using a 26-period and a 12-period EMA.
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