On-chain analyst, Willy Woo, and co-founder of on-chain market intelligence firm Glassnode, Rafael Schultze-Kraft, are analyzing Bitcoin’s price now that the top cryptocurrency has lost over 40% of its value from its all-time high.
On the Unchained podcast, Woo argues that the price crash does not appear to be the start of a bear market. He sees Bitcoin resuming an uptrend in the near future.
“The structure is not bearish… So I think that we’ll rebound relatively ‘soonish.’”
However, as a result of the correction, Woo has revised his price prediction downwards and now expects Bitcoin to reach $200,000 by the end of the year.
“[Bitcoin] was starting to look like it was winding up to $300K, $400K even $500,000 near the end of this year. Now it’s starting to reduce its trajectory. It looks like it’ll comfortably reach $200,000. It might reach $300,000, but we have to see how that develops.”
Schultze-Kraft says he also believes Bitcoin’s