BTC Wires

Has Bitcoin Already Bottomed?

Recently an online debate was hosted by derivatives trader Tuur Demeester, which saw participation from quite a few eminent crypto enthusiasts. The discussion was focussed on whether the price of Bitcoins has bottomed or not. Crypto analyst Willy Woo who was one such person, says there is at least a 95%  chance that Bitcoin has made it through the worst.

Woo who as a cryptoanalyst spends his days poured over charts and data, argues that the numbers don’t lie. Bitcoin bottomed out at $3,100 at the end of 2018. And, according to Woo, Bitcoin is almost certainly not going to test new lows. He even attaches a whopping 95% or higher probability that the worst is over for BTC.

He said,

“I’m swimming in data and you kind of get an intuition about things. I’d say a one-in-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.”

While Woo takes the most bullish approach, Tuur Demeester comes in at a close second. The Adamant Research partner attaches an 80% chance that Bitcoin has already bottomed out. Tone Vays, however, suggested that there’s still a reasonable chance Bitcoin has a bit to go. Vays states there’s a 40% chance Bitcoin has bottomed.

Not to be outdone, Tone Vays gave his bearish argument on the bitcoin price. He argued that “bitcoin has yet to capitulate from a fundamental perspective,” saying:

“Lots of these big institutional holders have not capitulated. The Novogratz’s and the Tim Drapers that have been holding onto these coins for a long time. I believe bitcoin finds a way to crush people’s souls…I believe the market will find a way to separate them from those coins somehow. And these are the big holders I’m actually waiting to capitulate.”

Woo adds that the technical indicators reinforce his argument. Analyzing an adoptive curve, he notes:

“[We’re] seeing a doubling in user base every year very consistently over 10 years…So what we see is this mapping of the world coming in and in this case the world coming in with capital that’s injecting into bitcoin.”