Willy Woo, a crypto market analyst who is well known in the crypto community, has made a prediction about the state of the market – saying that he is “certain that 95% of the market has bottomed and that it is “unlikely to break below past lows.”
To summarise my view of the market in one spot instead of various webcasts and tweets. I'm 95% certain the market has bottomed, that's to say we are unlikely to break below past lows.
— Willy Woo (@woonomic) May 6, 2019
Willy Woo sees the next month as an important time for the market, and a test of the 200-day moving average as being important to see where the market goes.
The bull market (upward and onwards) has not formally confirmed just yet. We need to successfully retest the 200 day MA & Realised Cap (both ~$4400 right now), or without retest we need to stay above them for a sizeable time, say another month. pic.twitter.com/gTVOtkVEYI
— Willy Woo (@woonomic) May 6, 2019
Finally, he says that the break past $4300 at the beginning of April will be remembered as the starting point for a 2019 bull run that will be remembered in the future.
We also need price to be validated with on-chain volume mooning from here. We'll likely get that confirmation soon in the next 4-8 wks. (I personally think the April 1st break above $4300 will be remembered years ahead as the start of the 2019 bull market). pic.twitter.com/NzzGkvcT8t
— Willy Woo (@woonomic) May 6, 2019
The prediction is similar to what Fundstrat Global CEO and prominent Bitcoin bull. Tom Lee. has said about how the market will pan out. Lee said that, based on the fundamentals, such as the 200-day moving average that the market would enter a bull run in about 6 months. Certainly, the general investor population is beginning to have more conviction in this thought, as Bitcoin recently made a quick burst past the $5500 mark, hovering just under the psychologically important $6000 mark at the time of publishing.
