Popular bitcoin analyst Willy Woo told his 132,000 Twitter followers that he is working on a new pricing model that suggests a bullfight is imminent. In fact, Woo says the model suggests Bitcoin is near “another bull run” with “maybe another month to go.”
Bitcoin (BTC) price has been declining for the past seven days as BTC has lost 2% overall last week. The value has been going back and forth between $ 8,800 at a touch of over $ 10k per BTC. As of writing Sunday, June 27, 2020, the price has been fluctuating between $ 9,010 and $ 9,150 for the past 24 hours.
The $ 165 billion market valuation still represents 63% of the total market valuation of all the more than 5,000 crypto assets. Despite the recession, several analysts expect a bullish race to materialize in the near future. On Sunday Willy Woo (@woonomic), the well-known bitcoin graphics analyst and co-founder of Hypersheet, tweeted that he has been developing a new pricing model for BTC.
“This is a new model I’m working on, pick the start of exponential bullfights,” Woo tweeted. Bitcoin was preparing for a bull run until the white swan COVID killed the party. This model suggests that we are close to another bull run. Maybe another month more, “he added.
Showing another graph, Woo said that the second graph “shows very clearly how [Covid-19] it was a model that stood out. “And another chart released by Woo indicates that” the later this bull market ends, the higher the maximum price (Top Cap model). A long side-build band is ultimately a good thing, “Woo stressed.
Essentially, what the Hypersheet co-founder told his 132,000 Twitter followers is that his new model shows that BTC is “maybe” a month away from takeoff. If it weren’t for Covid-19, Woo believes the bull market would have already started.
Of course, not everyone agreed with Woo’s prediction and the evidence derived from his new model. “Technical analysis doesn’t work with BTC,” Adam Bornstein replied to Woo. “There are too many exchanges with too thin a volume, too many [arbitrage] opportunities and too much noise built into every move, “added Bornstein.
Although Woo defended his position and the analyst responded to Bornstein’s criticism. “I agree with you for movements within the week, but this graph is 8 [years] macro, where organic investment has priority ”, replied Woo. Despite Woo’s defense, some still called the prediction “hopium”.
Other Bitcoin evangelists also disagree with Woo’s prediction, as Tone Vays told the International Business Times (Ibtimes) that there is a possibility that “the price of bitcoin will not exceed $ 10,000 until 2021.”
“As I’ve been saying for months, I have no reason to stray from my prediction earlier this year that Bitcoin will be stuck between $ 6,000 and $ 10,000 for most of this year,” Vays told the media outlet. Of course, Ibtimes also mentioned that Vays predicted a dip at $ 2,800 before the reward was cut in half, but the analyst’s forecast never happened.
What do you think about the model that Willy Woo created that says that a bullfight could be missing for a month? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Willy Woo charts, @woonomic, Twitter
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