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Popular on-chain analyst Willy Woo does not believe Bitcoin’s recent correction represents the end of the current bull-run and expects its price to bounce back to new all-time highs, albeit not immediately.
In a recent episode of the What Bitcoin Did podcast, hosted by Peter McCormack, on May 21, Woo discussed a number of points, including Bitcoin’s recent network and price activity, and its current state. According to Woo, who is a regular guest in the podcast, many macro indicators remain positive for Bitcoin. Referring to data from Bitcoin’s NVT ratio, which holds blockchain network activity against market cap, Woo said:
“There’s an immense amount of activity on the network between investors compared to the valuation.”
Woo also shared this analysis to his 500K+ followers on Twitter, making a special mention of “cheap coins”:
“We haven’t seen any kind of mania. We dumped down from a level which was highly organic, no speculative premium,” Woo further said in his conversation with Peter McCormack. “The 2017 top, for example, we were I think 3.8% higher than the organic evaluation.”
Referring to the overall situation, Woo said he believes the correction to have been a good thing, as “this is just a middle of the bull market derivatives unwind.”
“I think it’ll take a bit of time to recover, just from the sheer amount of coins that we dumped out. I think ultimately, if you look at the network health, this is a good thing.”
When Woo was asked if this could be the end of the bull market, Woo straight out responded: “No, not at all,” as he confirmed that Bitcoin will have the upward momentum of reaching a $100,000 still this year.
The guys spoke about some other things. For example on Elon Musk’s involvement in Bitcoin and how someone like him with 55 million followers on Twitter has a responsibility no to come with ‘BS’. They even suggested that Bitcoin would be better off without Tesla’s ‘Technoking’ and pointed to Michael Saylor as an example to follow as someone who is educated on the subject.
For some people, McCormack is to blame for last week’s crash as he was the one “trolling” Elon Musk by inviting him to come with a ‘bold statement’. McCormack made some jokes about it in his recent episode although he did say that he had no expectations that Musk would even be reading his tweets.