Analysts split in two after the sharp drops in Bitcoin. Some analysts say that the recent declines have severely distorted the technical picture in Bitcoin, breaking the key averages that this can no longer be considered a simple corrective move, and risk should not be taken until Bitcoin is technically positive.
In this way, weekly MA20 and daily MA50 levels can be monitored at this point, according to analysts connected to the technique. Analysts who defend this view are not concerned with the causes of the declines and feel that emotional action should not be taken.
“The Bull Is Not Over Just Slowed Down”
However, there are also analysts who think these drops are just a normal correction. Experienced analyst Willy Woo was the guest of “What Bitcoin Did” channel on Youtube and evaluated the latest situation in Bitcoin.
Woo does not consider these dips as an entry into the bear market. Bitcoin is currently in the middle of the bull market, according to Woo.
“There’s a lot of cheap money here. Of course, we need to get the money back in, and it will take time for them to accumulate, but when we look at the health of the Bitcoin network, this is a good thing. It may be too early to say this, but I’m sure we’re going to go above $ 100,000 based on the price model I use. This is a bit based on what will happen in the next quarter. ”
You can watch all of Woo’s explanations in the video below.
* This news shared within the scope of the right to give information does not contain any investment advice. Cryptocurrencies are risky assets. You may lose all the investments you have made in this area.