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Analyst Willy Woo Warns That Bitcoin's Fall Could Be A Bear Trap
The consternation reached many users since last September 7, due to the fall of Bitcoin. Causing concern among many investors, entrepreneurs and regular users about what the future of this cryptocurrency would be.
As a result of this, and in combination with the events in El Salvador, many lost faith in this cryptocurrency believing that it would enter a downtrend, which would mean the end of Bitcoin as we have known it until now.
However, many analysts including Willy Woo: market analyst, assures that this is far from being the end of Bitcoin. As he called it, Bitcoin is going through a supply shock, but one that is soon to hit prices never seen before. Stay to learn more about the predictions and opinions of expert analysts.
"Bear Trap" This is how Willy Woo describes the latest Bitcoin crash
To begin with, a "bear trap" in trading is a wrong signal that a market reversal could occur with downtrends. This would cause investors and entrepreneurs to be attracted to Bitcoin and decide to buy more assets, causing Bitcoin to double or triple its price later. And that long-awaited major drop would never take place.
According to Woo, we are facing a bear trap because considering the supply and demand data for Bitcoin, they predict a big uptrend. " The upside possibilities are limitless," says Woo.
In addition, the renowned analyst reiterated in his latest report that large investors are permanently accumulating Bitcoin waiting for it to reach historic highs again. That detail, in combination with the stability it maintains in prices, Woo concluded that the latest market downturn is not sustainable in the long or medium term. He states that " We saw this same action unfold on the top floor of $ 30,000"
Speaking in the short term, it is established that for the next few weeks the cryptocurrency must return to $ 50,000. Which according to Woo, should happen when the build up according to this stage ends.
Now in the long term, an uptrend is expected for the last quarter of the year, which could extend to 2022. In old reports, he estimated that Bitcoin may soon return to $ 60,000 again. From there, this rise is expected to precede the new all-time highs breaking just over $ 64,000.
Even in old predictions, Woo has commented on a Bitcoin price that could reach 100,000 or 200,000 thousand dollars!, Especially during the bull cycle. More specifically, the hike is expected to begin in late 2021 and early 2022, as several analysts agree.
However, Woo indicates that for these forecasts to be fulfilled, two very important facts must be fulfilled:
· BTC prices should rise more than 100% in the coming months. · Price stability and accumulation must be maintained for the upward trend to begin
Woo Notes Bitcoin's Recent Fall Was Caused By Economic Failures
Among the various statements by the analyst Woo, he affirms that the last fall in Bitcoin could be caused by the dissemination of false information by the firm Glassnode. From that date, Bitcoin would go into a losing streak, losing the faith of many users and investors. Especially since a supposed sale of 40,000 BTC was believed that turned out to be a simple internal fund transfer on the Gemini exchange platform.
Since February, that mistake has been included in the decisions of many investors, who made hasty decisions on the matter. Also, this moment is a good opportunity to recover and position Bitcoin towards a much larger uptrend.
However, Woo indicates that even though there may come a time when investors decide to sell their BTC and the price begins to vary substantially, there is a long-term trend to save or hold assets.
In addition, he points out that the whales are accumulating the Bitcoin, forecasting a growing trend rather than selling their funds to usher in a downtrend.
But as of the current date, Bitcoin is at a price of $ 44,000, but the downtrend continues. Could Bitcoin crash again, or will it be able to sustain itself and enter an uptrend?
Pay attention to signs pointing to a historic rally for Bitcoin
Many investors and regular users trust Bitcoin's past, and the similarities that exist with this latest downtrend. As BTC struggles to stay clear of the $ 30,000 line, many believe that there are many signals that predict an imminent rise.
For his part, analyst Woo affirms that the projection ensures that the rise in BTC will occur due to the growth of users on the network. Which were attracted by this stage of supply or in which the Bitcoin is, to then have a rise of up to 50,000 dollars in the next few days. "This is the perfect opportunity for buyers who believe in fundamentals and are patient," said Woo.
Who also affirms that in his entire career he has not seen that these do not positively influence the price and recover a cryptocurrency that was believed to be lost.
In addition, PlanB states from its Twitter account that we should rely on the Stock-to-Flow Cross Asset (S2FX) model, which predicts many bullish trends, with temporary lows before historical rallies. And over the years, this S2FX model has been the most accurate and priced with Bitcoin prices.