How Do You Know When You Have Reached the Top in Bitcoin?
How do you know when you have reached the top in Bitcoin? What are the new expectations in Bitcoin? The predictions of well-known analyst Willy Woo were compiled on Twitter.
When the rally entered in the last months of 2020 continues in 2021, the expectations are very positive not only for Bitcoin (BTC) but also for other cryptocurrencies. However, as it is known, neither continuous decreases nor continuous increases are quite possible. As always, fluctuations are inevitable. But the important thing is how these fluctuations will be compensated and support points will be determined. Let’s listen to analyst Willy Woo, who shared his opinions on the subject.
Willy Woo, who has more than 200 thousand followers on the social networking platform Twitter, says that Bitcoin will never see $ 20,000 again. Woo, who shared his opinion in a tweet on January 3, stands behind his opinion. According to Willy Woo, support at $ 25,000 rises by $ 500 each day, and $ 30,000 is a very good support point.
Woo, who made an analysis according to the price movements in Bitcoin and the capital flows entering the market, thinks that the maximum correction zone in which Bitcoin will withdraw from its peak will not exceed 30 percent. According to this argument, a possible hard correction from the $ 50,000 levels, for example, would lower the level to a maximum of $ 35,000.
Update:
– never going to see $20k again
– $25k will take a black swan to pierce, rising $500 per day.
– $30k is formidable support.30% is the maximum projected pull back once BTC tops at current structure (changing fast).
(Modelled from price action vs capital inflows) https://t.co/gpdEAyNIJl
— Willy Woo (@woonomic) January 8, 2021
Woo, who included glassnode data regarding the Bitcoin supply in his latest posts, said:
“The red candles on the chart show that Bitcoin is still flowing into cold wallets and sliding towards long-term Bitcoin holders. Historically, we need to see green candles before reaching their peak.”
Red = coins moving to Rick Astley, the ultimate HODLer.
Never gonna give you up
Never gonna let you down
Never gonna run around and desert you pic.twitter.com/rRcIxTamj2— Willy Woo (@woonomic) January 8, 2021
Stating that the Bitcoin bull will take another 12 months, Woo said:
“During this time, Bitcoin could rise to as high as $ 240,000. Looking at it, there is no reason why this shouldn’t happen.”
In another analysis, Willy Woo said, “… Bitcoin, which is reliable and can cause a change in the balance of the port of refuge, can surpass gold, and more investors can see Bitcoin as “a safe port“ and invest in the next 12 months.”
This article has contributions from BitcoinSistemi.
