Willy Woo, a top analyst from Fundstrat Global Advisors, is bullish on Bitcoin. His analysis suggests that the re-accumulation phase is now over. As the market enters the final phase of its accumulation phase, Bitcoin should “dump” and fall below its 100-day moving average, which is around $11,500 today. However, Bitcoin should make a new all-time high within the next few months, as it will be the first asset to do so since mid-2017.
Bitcoin has been through a period of exceptional growth since last year, when it rose to $20,000. It has jumped over $100,000 in the last few weeks and has continued its steady climb to record levels. When I wrote my last article in February, I was confident it would reach $70,000 by the end of 2018. I’m glad to say I was right and that an important re-accumulation phase has finally ended, meaning that new money is now on the way in.
While some predict a further decline in bitcoin, analyst Willie Wu thinks the leading currency will reach a price level more than twice its all-time high.
Bitcoin is more than six digits
In a recent interview with investor Anthony Pompliano, crypto-currency enthusiast and on-chain analyst Willie Wu noted that bitcoin has reached an exorbitant $157,000.
Willie argued that while there is no doubt that there are bulls in the market, we are currently in a reaccumulation phase and the next big event will occur when the fundamentals overwhelm the price action and the market breaks out of this reaccumulation process.
Acknowledge the ridiculousness of the prediction,
Willie said that if bitcoin comes out of this accumulation phase, the price could potentially start to rise to $250,000 to $350,000.
Last quarter of the year
While he’s optimistic about bitcoin’s near-term prospects, Willie acknowledges that he has no idea what’s going to happen in the final quarter of the year:
I don’t make predictions, I don’t expect anything to happen at the end of the year. Instead, I use the on-chain as a map to try to understand what exactly is going on in the market. I have no idea what will happen in the fourth quarter.
In an interview with CNBC, Scott Minerd, chairman of Guggenheim Investments, said he thought bitcoin could fall as low as $10,000, predicting a 70-80% drop in value.
In May, Minerd compared bitcoin’s development to the speculative bubble of the 17th century. The price of tulip bulbs was one of the most important factors in the development of the tulip industry in the early twentieth century. Looking back on the event, Minerd called the cryptocurrency market Tulip Mania.
Finally, according to a Forbes article published a few days earlier, a leaked report from JP Morgans predicts that the price of bitcoin will remain extremely volatile.
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