Don’t expect another Bitcoin price ‘catastrophic dump’ — analyst

Don’t expect another Bitcoin price ‘catastrophic dump’ — analyst


Bitcoin (BTC) price trajectory is looking to favor bulls going forward, statistician Willy Woo believes as the market nears $11,000.

In a series of tweets on Sept. 14, Woo highlighted strength in market composition and said that current price levels could be a useful entry point for investors.

Woo: Little chance of “catastrophic” BTC price dump

“Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards,” he summarized.

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“It’s very unlikely we’ll see any kind of a catastrophic dump in price from here.”

Woo was referring to on-chain activity on the Bitcoin network seeing a spike in recent weeks as BTC/USD fell to local lows of $9,800. 

Monday saw a bounce higher toward $10,800 — a price point that analysts have already said forms a crucial pivot for further bullish momentum.

Bitcoin on-chain activity vs. BTC price 6-month chart. Source: Willy Woo/ Twitter

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