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Bitcoin’s price plunged to around $30,000 after a series of negative developments dragged the crypto market down. However, a crypto analyst believes that BTC’s bull run is not yet over but also cautioned that it might time before the crypto could fully recover from its recent plunge.
Willy Woo, a popular Bitcoin analyst, shared his views on BTC’s price trajectory in a recent interview with Peter McCormack, which was posted on May 21 on the What Bitcoin Did YouTube Channel, according to Cointelegraph. During the interview, the analyst shared his views on various topics such as Bitcoin’s network and price activities as well as its trajectory.
He pointed out that a number of macro indicators suggest that the crypto’s rally is not yet over. “There’s an immense amount of activity on the network between investors compared to the valuation,” Willy Woo told McCormack, referring to Bitcoin’s NVT ratio.
“We haven’t seen any kind of mania,” the BTC analyst added. “We dumped down from a level which was highly organic — no speculative premium. The 2017 top, for example, we were I think 3.8% higher than the organic evaluation.”
Bitcoin set a new all-time high above $64,000 in mid-April before it declined to below $49,000 more than a week later based on Coinmarketcap data. However, the crypto managed to recover and traded between $55,000 and $59,000 for some time before its price started to plunge last week after a series of negative developments, such as Tesla halting the acceptance of BTC payments and China’s call for crackdown on crypto mining.
“This is just a middle of the bull market derivatives unwind,” Woo opined on Bitcoin’s current state. When McCormack asked the analyst if he thinks it’s not the end of the bull market yet, Woo replied, “No, not at all.”
While the rally might not be over yet, Woo believes that it might take time for BTC to recover to previous levels. “I think it’ll take a bit of time to recover, just from the sheer amount of coins that we dumped out,” he explained. “I think ultimately if you look at the network health, this is a good thing.”
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