Crypto market analyst, Willy Woo, who spends much of his time analyzing the crypto market, has said that the worst is over and that the market bottomed out at $3,100 in 2018 and that he believes this to be true with an accuracy of 95%.
He refers to fellow market analysts and their predictions in this regard, who, while not possessing as much conviction as Woo, do believe that that market has bottomed out with high probability.
Woo points to other factors when making his point, such as the increase in userbase,
[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.
Certainly, volume has been increasing in recent times. Binance released a report that showed that the trade volumes were higher than that of January 2018, when bitcoin was at its all-time high. CEO Changpeng Zhao has also offered an optimistic forecast of the market.
Similarly, Fundstrat co-founder, Tom Lee, has said that a bull market should arrive in the next 6 months or so, and that a “fair price” for bitcoin would be about $14,800.
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