Promintent Crypto Trader: There’s a 95% Chance Bitcoin Price Saw Its Bottom BTC/USD Value
The cryptocurrency market and community have been discussing whether Bitcoin (BTC) has reached a bottom or not yet.
Back in December 2018, the digital currency fell to $3,200, which many experts believed that it was the bottom for the bear trend in which the market was since January 2018. Willy Woo, one of the experts, believes that there are 95% chances the bottom is in.
Willy Woo Believes Bitcoin Already Bottomed
The cryptocurrency analyst Willy Woo believes that there are 95% probabilities that the worst part of the bear market is over for the most popular digital asset in the market. During an online debate promoted by Tone Vays, he said that Bitcoin could have already bottomed back in December.
Woo believes that the market is not going to fall further. At least, Bitcoin does not seem ready to fall under $3,200. On the matter, Willy Woo commented:
“I’m swimming in data and you kind of get an intuition about things. I’d say one-on-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.”
Is the bottom in, final figures…
% probability Bitcoin has bottomed:
— Willy Woo (@woonomic) April 20, 2019
There are other experts that think in a similar way as Mr. Woo. For example, Tuur Demeester, founding partner at Adamant Capital, gives 80% probability that Bitcoin has already bottomed.
It is worth mentioning that Woo believes that the fundamentals play an important role in determining the future of the digital asset. According to him, each ear there is an increase in the user base of Bitcoin.
Tone Vays, instead, has given a bearish argument about Bitcoin and its price. He mentioned that Bitcoin has yet to capitulate from a fundamental perspective and that big institutional holders have not yet capitulated. He put the example of investors similar to Mike Novogratz and Tim Draper that did not capitulate yet.
At the time of writing this article, Bitcoin is being traded above $5,330 and it has a market capitalization of $94 billion. Since April, Bitcoin’s sentiment in the market change 180 degrees. People are now waiting for a new bull run to start and help the most popular digital asset to grow.