Willy Woo says there is a 95% chance Bitcoin has already hit bottom

21 Apr, 2019 | Updated: 21 Apr, 2019
by Richard Allen
Opinion
Willy Woo says there is a 95% chance Bitcoin has already hit bottom

During a recent online debate hosted by derivatives trader Tuur Demeester, crypto analyst Willy Woo says there is at least a 95%  chance that Bitcoin has made it through the worst. The discussion was centered around whether or not the Bitcoin price has bottomed.

While the two traders couldn’t agree on Bitcoin’s price spectrum, Woo 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.

“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,” said Woo.

While Woo takes the most bullish approach, Tuur Demeester comes in at a close second. The Adamant Research partner attaches an 80% chance that Bitcoin has already bottomed out. Tone Vays, however, suggested that there’s still a reasonable chance Bitcoin has a bit to go. Vays states there’s a 40% chance Bitcoin has bottomed.

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.”

Chart provided by Tradingview

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