Famed cryptocurrency analyst Willy Woo has spoken out about the current market collapse that is driving the price of Bitcoin down once again. Over the past few weeks, Bitcoin has made steady progression breaching $8,000.00 and remaining up there through the end of July. By the start of August though, Bitcoin had well and truly fallen. At the time of writing, Bitcoin is valued at $7,617.70, down 2.55% overall.
Woo expects that Bitcoin will sink and move back into the $5,000.00 region before the next surge. It came close during June and July and now it does seem to be moving back in that direction. Moreover, Woo accurately predicted the initial drop after April that saw Bitcoin move down to $6,000.00, so his experience does follow some authority.
According to Ethereum World News, Woo has said:
“I think we are gonna go to $5500-5700 next, I can’t see $7000 holding. Most likely we’ll balance a bit, then we’ll slide through. I don’t necessarily think we’ll fall through the 5000s… sure it’s a possibility but it doesn’t have to. It’s not a repeat, it’s not Mt Gox and Willybot pushing up price with faked orders, we aren’t detoxing from a scam bubble. Technically $5000s is a very strong support band.”
“Interesting to see most think BTC will moon. I think BTC will flash dump, then moon afterwards, just like with Gold in WFC 2008. Flight to safety: everything else sells off to USD, then used to unwind leveraged positions, then afterwards havens like Gold and BTC have a bull run. When in bear, stay in USD as a base currency, then short (and long with extra care). When in bull stay in BTC and do vice versa.”
See more for yourself, here.
Now, let’s remember that though Woo speaks with good authority he is not an investment advisor and therefore his words should not been seen as advice, but as a mere suggestion. Woo could be correct and indeed, we do hope he is but don’t base your investment advice solely on his vision, instead, do your own wider research and simply use this to inform your own research portfolio.