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Accomplice at CMCC Crest and famend Bitcoin analyst Willy Woo thinks Bitcoin (BTC) has not reached the underside, as he notes {that a} dip to $9,100 is prone to happen. Woo’s remarks come at a time when the crypto group is discovering solace within the hope that the market backside is in.

Willy Woo says if max ache reaches ranges of earlier cycles, BTC may see $9,100

Willy Woo revealed this evaluation to his 1M+ Twitter followers Wednesday. Based on Woo, the present max ache degree on this bear market has not reached the zones of earlier bottoms in previous bear markets. Woo drew his conclusion utilizing Glassnode’s BTC Price Foundation Density Map chart.

We’ve got solely reached 52% of cash being underwater up to now. Prior bottoms had been 61%, 64%, 57%,” Woo identified. He, nevertheless, famous {that a} repeat of earlier max ache ranges is only a chance, particularly contemplating new realities.

However, Woo talked about that BTC may plunge to $9,100 if max ache hits greater ranges. His $9,100 worth prediction is valued at a max ache degree of 60%. Nonetheless, he opined that the asset would steadily begin choosing up from that degree.

Bitcoin struggles to carry above $18k

Regardless of how outrageous a dip to $9,100 sounds, the group agrees that this present cycle has introduced with it inevitable surprises. A dip to such surprising values is now not within the realms of unimaginable, as BTC is at the moment in uncharted territory.

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BTCUSD Chart by TradingView

For the reason that asset has managed to carry its floor above $18k, it has dipped by over 6% up to now 7 days. Bitcoin’s current rally was greeted with a agency rejection from the bears on the peak of $20,071 on Sunday.

The previous plunge was additional exacerbated by the the Federal Reserve’s aggressive mountain climbing marketing campaign. BTC has seen a free fall since then however stays agency above the help at $18.5k. The asset has a present worth of $18,719 on the time of reporting, down 5.25% up to now week.



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