Willy Wu: Bitcoin is waiting for another drop before ballroom
Source:
The Analyst with a great experience in may predicted that Bitcoin would have to drop below $ 6,000, because only then we can talk about any signs of a new uptrend. At this time, Wu once again talking about another sharp drop of the main cryptocurrency. The information is divided .
theWhen Bitcoin will find the bottom
At the end of spring Willie Wu said that Bitcoin will not keep $ 7,000.
I think our next target is in the range of 5500 to 5700 dollars. It is unlikely the price will remain at the level of $ 7,000. Most likely, the asset will reach my goal in June.
At the same time, the expert assured that the cryptocurrency is unlikely to fall below $ 5,000.
That possibility exists, but it is extremely small. At the level of $ 5,000 we have a very strong support.
As it turned out, all the predictions came true Woo up to a couple hundred dollars. Even matched his projected time period — 29 June Bitcoin fell to $ 5850.
This time the expert added that the main digital asset will continue to lose its value. This process will end by a sharp drop, which will be the beginning of a new bullish trend. Something similar happened with the price of gold during the global economic crisis of 2008.
Remarkably, many people think that Bitcoin has already rushed «to the moon». I think it is waiting for another strong fall. Many market players «shook» from their positions, only then the asset will begin rapid growth.
Another catalyst bullrun will become major investors.
I guess it all depends on the decisions of institutional investors. The usual Hodler can't buy bitcoin in large numbers.
Willie Woo also gave advice on how to survive in a bear market.
During the fall, stay in the dollar in the base currency. Bitcoin need to short a long position is open with extreme caution. During the uptrend buy Bitcoins and do the opposite.
At the moment, Bitcoin is trading at $ 7595. Cryptocurrency has failed to hold above $ 8,000 in anticipation of the ETF from VanEck, and the CBOE.
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