Right from mid-April, the Bitcoin (BTC) prices started dwindling, and even to this day, the price of Bitcoin (BTC) is constantly dipping. For the first time since 2017, the price of Bitcoin (BTC) has dropped almost close to 50%. Although the price of Bitcoin (BTC) is hovering between $38,000 and $39,500 per BTC, yet it came close to $30,000 per BTC.
Even though Bitcoin (BTC) is currently close to hitting $40,000 per BTC, still, many analysts are speculating it would drop down to $30,000 per BTC.
However, one of the senior and most prominent Bitcoin (BTC) analysts, Willy Woo has shared his thoughts about Bitcoin’s price. He stated that even though Bitcoin (BTC) is currently experiencing a bearish run, still, it is yet to show its full bullish run.
Woo stated that he is confident that Bitcoin (BTC) still has not shown its full Bullish run and will be demonstrating it soon in the coming months. Willy Woo shared his observation around Bitcoin (BTC) during an interview with Peter McCormack during McCormack’s podcast. The podcast hosted by McCormack was titled “What Bitcoin Did”.
During the podcast, Peter McCormack made different points around the price of Bitcoin (BTC). He talked about Bitcoin’s current state, price, and network activity. He also talked about the factors that are currently posing a negative impact on the price of Bitcoin (BTC).
He stated that due to Bitcoin’s current price drop, many analysts are focusing on minor indicators impacting its price. However, the investors, analysts, and observers are not paying attention to its major indicators. Woo claimed that if the concerned groups were to look into Bitcoin’s major indicators, they would realize that Bitcoin’s future is promising.
He assured the Bitcoin (BTC) community that the future of Bitcoin (BTC) is promising and it will be in positive figures in the coming months. Willy Woo also talked about the activity on the Bitcoin (BTC) network versus the market capitalization of the digital asset.
He stated that despite the drop in Bitcoin’s market capitalization, the activity on Bitcoin (BTC) network is enormous. This means that it is just a matter of time investors will start coming back to Bitcoin (BTC) and invest more money in the digital asset.
In order to prove his point, Willy Woo compared the current Bitcoin (BTC) price run with that of 2017. He stated that back in 2017 when Bitcoin (BTC) went up to $19,000 per BTC, it was way above its organic price. This meant that Bitcoin (BTC) was destined to observe a price correction, but the investors continued investing in it.
Therefore, when Bitcoin (BTC) price went back towards correction, the Bitcoin (BTC) investors panicked and started selling the asset. This resulted in Bitcoin (BTC) falling way lower than its actual organic price.
Will Woo stated that although Bitcoin (BTC) and its investors have matured up since 2017, still, a similar kind of trend has been experienced at present.