Willy Woo, a leading crypto currency analyst, announced that as a bear moves forward in the market, it is now a good time to buy the leading crypto currency. However, according to woo, this is not a bad time to enter the market. In addition, the price fits comfortably below the 200-day moving average, the analyst stresses that there is no bad time to enter the market.
“BTC’s price is below 200-day moving average, so it can enter the crypto field.”
In a tweet, Willy Woo compared Bitcoin’s market volume with the daily trading volume from its network. The ratio between the two data points is the Bitcoin network-to-value (NV) ratio. According to analyst, the market tends to decline while bitcoin’s market value and volume are diverging. As in the chart below, they seem to be quite separate from each other, taking into account the historically tight correlations.
Willy Woo admits that the introduction of liquid network, the world’s first Bitcoin side chain product, at this point, may affect the results because some Bitcoin transactions may not pass through the main chain of the currency. The number of payments per second in the main chain of crypto money is the same as the levels in 2016, along with a flat appearance in the six-month period.
Analysts also added that this data remained horizontal for 1.5 years after the collapse of the market in 2014. According to woo, volume data in this chain must climb to end the bear market. Despite the bear market, those who are not trying to allocate time to the market can now enter the crypto area because the BTC price is below 200-day moving average.
Wall Street analyst Tom Lee said: “25,000 dollars for Bitcoin is still possible! People have a lot of bear feelings.”
Wall Street analyst Tom Lee recently made a statement on BTC’s 200-day moving average. A leading analyst said Fundstrat, a founding partner, recently released a report that shows that bitcoin performs poorly when trading in narrow range below 200-day moving average.
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