Bitcoin Bottom: Willy Woo Finds Eye-Popping 95% Chance It’s In
By CCN: If you’re placing bets on where the bitcoin price is going next, the data is overwhelmingly in favor of a bull market. Crypto analyst Willy Woo attaches a whopping 95% or higher probability that the worst is over for BTC. Woo participated in an online debate hosted by derivatives trader Tone Vays, the topic of which was whether or not the bitcoin price has bottomed. Incidentally, the two traders couldn’t be further apart on the bitcoin price spectrum.
Woo is a technical analyst and spends his days pouring over charts and data. As far as he’s concerned, the numbers don’t lie. Bitcoin bottomed out at $3,100 at year-end 2018 and unless hell freezes over, it won’t hunt new lows. The BTC price is currently hovering at $5,351.
“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.
Is the bottom in, final figures…
% probability Bitcoin has bottomed:
BULLS@MustStopMurad 75% @kenoshaking 80%@woonomic 95%
BEARS@ToneVays 40%@venzen 39%@LucidInvestment 20%https://t.co/k77hCnGAuR https://t.co/97O1eeixq7
— Willy Woo (@woonomic) April 20, 2019
While he’s the most bullish, Woo is in good company, including the likes of Adamant Capital’s Tuur Demeester, who attaches an 80% probability that the bottom is in. Meanwhile, Tone Vays fired off several warning shots that there is more pain ahead, suggesting there’s only a 40% chance that the BTC price has bottomed.
Bitcoin bottomed at $3,100, according to crypto analyst Willy Woo. | Source: Yahoo Finance
‘More Important than the Internet’
In addition to the technical signals, Woo also considers the fundamentals in his bullish argument. Looking at BTC through the lens of an adoption curve, he said:
