Crypto Expert Willy Woo Predicts Bitcoin Bottom is Close Using On-Chain Data – Here’s What You Need to Know

Crypto Update
2 Min Read

- Advertisement -
Source: Adobe/DedMityay

Famous bitcoin (btc) and crypto on-chain analyzer willy woo Looking at the portion of the BTC supply that is considered “underwater,” he predicts that the bottom of the current bitcoin bear market is just around the corner.

Using his so-called “Max Pain” model, Wu said on Twitter this weekend that a macro cycle down for bitcoin has historically been seen when 58% to 61% of the BTC supply is under water, or has been held by investors sitting on unrealized losses. ,

Looking at Wu’s model, that level is now getting closer.

When asked by a commenter whether the model actually predicted a bottom, Wu acknowledged that the price could drop further, adding that the upper end of the shaded region of his model is $13,000 “and rising rapidly.” Is.”

“All the bottoms haven’t been hit, but the ones that haven’t have come close,” he said.

Zoomed in with the “Max Pen” model in mind. The green area represents coins held by Grayscale’s Bitcoin Trust. Source: Willy Woo/Twitter

Willy Woo’s “Max Paine” model correctly predicted the bottoms of the bitcoin bear markets in late 2018 and 2015. In the bear market of 2011 – during the early years of bitcoin – the price moved quite close to the model’s predicted bottom, but did not hit it.

failed predictions this year

Back in March this year, Wu Predicted “decoupling” between bitcoin and stocksGiven his view that bitcoin fundamentals continue to point in a bullish direction despite “macro headwinds”.

Wu wrote on Twitter at the time that the market is now “fully reset” and “accumulation is already done” with spot demand for BTC continuing to rise and bitcoin futures returning to higher demand.

So far, Wu’s prediction about a rapid decline in bitcoin has – unfortunately – not come to fruition.

Bitcoin Crypto Related Post

Share this Article
Leave a review

Leave a review

Your email address will not be published. Required fields are marked *