The popular bitcoin analyst Willy Woo told his 132,000 Twitter followers that he’s working on a new pricing model that suggests a bull run is imminent. In fact, Woo says the model suggests bitcoin is close to “another bullish run” with “maybe another month to go.”
The price of bitcoin (BTC) has been declining during the last seven days, as BTC has lost 2% overall this past week. The value has been bouncing back and forth between $8,800 to a touch over $10k per BTC. At the time of writing on Sunday, June 27, 2020, the price has been fluctuating between $9,010 to $9,150 during the last 24 hours.
The $165 billion market valuation, still makes up 63% of the entire market valuation of all 5,000+ crypto assets. Despite the downturn, a number of analysts expect a bullish run to come to fruition in the near future. On Sunday, Willy Woo (@woonomic), the well known bitcoin chart analyst and the cofounder of Hypersheet tweeted that he’s been developing a new pricing model for BTC.
“This is a new model I’m working on, it picks the start of exponential bull runs,” Woo tweeted. “Bitcoin was setting up for a bullish run until the COVID white swan killed the party. This model suggests we are close to another bullish run. Maybe another month to go,” he added.
Showing another chart, Woo said that the second graph “very clearly shows how [Covid-19] was a model breaking outlier.” And another chart Woo published indicates that “the longer this bull market takes to wind up, the higher the peak price (Top Cap model). A long sideways accumulation band is ultimately a good thing,” Woo further stressed.
Essentially what the Hypersheet cofounder told his 132,000 Twitter followers is that his new model shows that BTC is “maybe” about a month away from lift-off. If it wasn’t for Covid-19, then Woo believes the bull market would have already started.
Of course, not everyone agreed with Woo’s prediction and the evidence stemming from his new model. “Technical analysis doesn’t work with BTC,” Adam Bornstein replied to Woo. “There are too many exchanges with too thin volume, too many [arbitrage] opportunities, and too much noise built into every move,” Bornstein added.
Although Woo stood up for his position and the analyst responded to Bornstein’s criticism. “I’d agree with you for intra-week moves, but this chart is 8 [years] of macro, where organic investment takes precedence,” Woo replied. Despite, Woo’s defense some still called the prediction “hopium.”
Other Bitcoin evangelists disagree with Woo’s prediction as well, as Tone Vays told the International Business Times (Ibtimes) there’s a chance “bitcoin’s price won’t exceed $10,000 until 2021.”
“Like I’ve been saying for months now, I have no reason to walk away from my prediction early in the year that Bitcoin is going to get…