Is the bull market over? Willy Woo updates bitcoin price analysis

Charlie Taylor

The famous on-chain data analyst Willy Woo commented on his opinion on the future of the bitcoin market, as the cryptocurrency struggles to regain the $ 40,000 level. In an interview on the What Bitcoin Did podcast, Woo expresses confidence that Bitcoin has not yet entered a bear market, despite the asset's drop from about $ 43,000 to just over $ 30,000 in one day. Woo goes so far as to say that the correction may be healthy for the market “This is not a mania phase and then the market is going down. This is just the middle of the bull market … So, we have a lot of cheap currencies here in the market. I think it will take a while to recover just from the large amount of coins that we have thrown away. It will take some time to accumulate. I think, ultimately, if you look at the health of the network, that's a good thing. ”

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Woo acknowledges that the drop may affect its target price for the current bull market, but it is too early to say how resilient the quote will be in the midst of liquidation. "Well, the model I use for the top of the market is based on the trajectory of prices and slowed the rise to the top of that model.Yes, it's too early to say. It is based on what will happen in the coming quarters of the bull market, but it is going above $ 100,000, I am confident. We need to rise very quickly to reach $ 300,000. At the moment, I am (considering) between $ 200,000 and $ 400,000. I need to see how that price is absorbed. I want to see what happens in the coming weeks, but it is definitely slow. ”The data analyst points out that the flow of bitcoins out of the exchanges is increasing, noting that this could mean that the price of bitcoin is in the recovery stage.“ It is really too early for me to have an idea of ​​how this is recovering. But he is recovering. We saw huge spikes in out-of-exchange flows as we went below the $ 40,000 range, so we were very optimistic about exchange flows. ”See also: No government can stop cryptocurrencies, says David Rubenstein

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