Bitcoin has been losing about $100 a day over the past several days.
Bitcoin Has Been Dropping Rather Steadily
At the time of writing, the world’s number one cryptocurrency by market cap has seemingly fallen to just over the $9,000 mark and is trading for about $9,040. Yesterday, it was trading for about $9,140, and before that, over $9,200. The currency has been trapped in a slow-moving bear pattern that has caused it to lose a little bit with each 24-hour cycle.
And yet, according to analysts like Willy Woo, the currency is expected to reach another bullish pinnacle very soon. Woo believes that by July, the price of bitcoin will perform a major turnaround, and that the asset could very well experience positive trends that could cause its price to once again travel up the financial ladder, rather than downwards.
On Twitter, Woo introduced his followers to a new bitcoin chart model he was working on, and said that the model was suggesting bitcoin would move northward by the time July rung in. He mentions:
This is a new model I’m working on. It picks the start of exponential bull runs. 1) Bitcoin was setting up for a bullish run until the COVID white swan killed the party. 2) This model suggests we are close to another bullish run. Maybe another month to go.
Woo’s words ring true for a lot of crypto enthusiasts. The currency was doing quite well in February of this year – approximately one month before the coronavirus took hold of the global economy. The currency was trading for well over $10,000 but before long, the asset found itself drooping into the high $8,000 range, suggesting the currency had lost somewhere around $1,500.
However, this was to be small beans compared with where bitcoin would head in mid-March. By that time, bitcoin briefly fell into the high $3,000 range, meaning that the asset had ultimately lost close to 70 percent of its value in just a matter of weeks. From there, the currency rose back into the $6,000 range, but it would be about two months until bitcoin saw $10K again, and even then, this figure would only last a few hours before another fall back into the $9,000 range occurred.
What Is Up the Currency’s Sleeve?
Now, the asset’s price is suffering once again, with the currency dropping to as low as $8,800 last Saturday on leading cryptocurrency exchanges such as Coinbase. While the asset has recovered somewhat to spike back into the low $9,000 range, what we’re seeing is another case of bitcoin being extremely vulnerable.
In addition, not everyone agrees with Woo’s chart, claiming it doesn’t evaluate the behavior of BTC well enough. Adam Bornstein is one who dismissed Woo’s bullish findings, claiming on Twitter that “technical analysis doesn’t work with #BTC.”