Popular analyst Willy Woo is not very concerned about the price corrections we are currently seeing for Bitcoin. According to Woo, Bitcoin is and will remain an asset class worth trillions of dollars.
The most recent drop in the Bitcoin price sees Woo as an “excretion” of people who speculate on further increases in the price with borrowed money.
Strong support for Bitcoin at $59,000
According to Willy Woo, it is very unlikely that Bitcoin will fall in a straight line from the current price. He believes that there is “formidable” support from short-term holders at the price level of $59,000.
According to the analyst, there is even a greater chance that Bitcoin will rebound and then hurt the shorts from $ 70,000.
If we lose the support at $59,000, the Bitcoin price could fall even further, according to Woo. However, the most likely scenario for him remains a return to prices of $71,000 to $75,000.
“Bitcoin’s short-term price changes follow the path of the liquidations,” the analyst wrote.
Positive signals on the blockchain for Bitcoin
According to Woo, there are still some positive signals for the digital currency on the Bitcoin blockchain. Woo notes that the Bitcoin stocks of the centralized exchange platforms have been in a downward trend since October 2022.
According to the analyst, this suggests that it is a matter of time before supply is many times greater than demand, which should then result in new all-time highs for the Bitcoin price.
“It is only a matter of time before the accumulation during this consolidation pushes us past an all-time high. Patience is the key, don’t be a fool,” said Willy Woo.
The fact that Bitcoin continues to ping-pong between $60,000 and $70,000 is also a good development, according to Woo. After all, around those prices, Bitcoin’s market cap is above 1 trillion dollars.
In theory, Woo says, this lays a good foundation for Bitcoin as a trillion-dollar asset.
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Source: https://newsbit.nl/willy-woo-bitcoin-is-biljoenen-dollars-waard/
