Apr 21, 2019 19:46 UTC
Apr 29, 2019 at 10:26 UTC
Has Bitcoin Already Bottomed?
Recently an online debate was hosted by derivatives trader Tuur Demeester, which saw participation from quite a few eminent crypto enthusiasts. The discussion was focussed on whether the price of Bitcoins has bottomed or not. Crypto analyst Willy Woo who was one such person, says there is at least a 95% chance that Bitcoin has made it through the worst.
Woo who as a cryptoanalyst spends his days poured over charts and data, argues that the numbers don’t lie. Bitcoin bottomed out at $3,100 at the end of 2018. And, according to Woo, Bitcoin is almost certainly not going to test new lows. He even attaches a whopping 95% or higher probability that the worst is over for BTC.
“I’m swimming in data and you kind of get an intuition about things. I’d say a one-in-20 to one-in-40 chance that this floor falls through. So that’s 95%-97.5% that the bottom is in. I’d consider if we drop below $4,300, they [bears] would be very lucky.”
Woo adds that the technical indicators reinforce his argument. Analyzing an adoptive curve, he notes:
“[We’re] seeing a doubling in user base every year very consistently over 10 years…So what we see is this mapping of the world coming in and in this case the world coming in with capital that’s injecting into bitcoin.”