Have we seen Bitcoin bottom? 'Not yet' says Willy Woo

14 Jan, 2019
by Joeri Cant
Bitcoin
Have we seen Bitcoin bottom? 'Not yet' says Willy Woo

The independent crypto researcher and analyst, Willy Woo, recently tweeted to his 83.4K Twitter followers that he believes we haven't yet seen the bottom for Bitcoin.

Woo suggested a few days ago that the bear market is far from over, due simply because of low transaction volume.

The GTI Vera Convergence Divergence indicator was showing that Bitcoin was in the midst of a 6-month buying streak which could lead to higher prices.

Woo, however, said that this buying streak provided a 'false' signal to the end of the bear market.

The analyst continued to say that volume has since subsided and that an 'up move' is limited, and that therefor the bears will win the longer term trade.

Woo pointed out in his latest tweet that in order for the bottom to be in, the volume of coins changing hands has to show less volatility.

'Currently it is very erratic' he said. 'Synonymous with middle of the bear detox.'

A question we have been asking ourselves since the end of November is: 'Have we seen Bitcoin bottom yet?'

Read more: Is Bitcoin done crashing? Have we seen bottom today?

Woo seems to be convinced that we haven't. 'Is the bottom in? Not yet,' he tweeted.

So, how low could Bitcoin go?

Well, the experienced commodities broker, Peter Brandt, expects Bitcoin to see a drop all the way down to the 1200 price range, undoubtedly testing the resolve of even the most committed of crypto fans.

'Crypto won’t have any friends at that point. Even the crypto die-hards might start to think they are done with it', Brandt said.

Important to remember is that Brandt became best known as being one of the first who accurately predicted the end of the bull run in December 2017.

Not only did he call the bear market for Bitcoin, he was as well correct in calling Ethereum to $120, while everyone else thought this was impossible.

Read more: CNBC's Ran NeuNer asks Peter Brandt why Bitcoin crashed

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Read more about: Bitcoin (BTC)

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