{"id":392449,"date":"2019-08-07T21:00:03","date_gmt":"2019-08-07T21:00:03","guid":{"rendered":"https:\/\/wncen.com\/?p=392449"},"modified":"2024-06-11T13:24:05","modified_gmt":"2024-06-11T13:24:05","slug":"woo-bitcoin-unlikely","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/woo-bitcoin-unlikely\/","title":{"rendered":"Willy Woo\u2019s Bitcoin Difficulty Ribbon Suggests Drop Below $6,000\/BTC \u201cVery Unlikely\u201d"},"content":{"rendered":"

On-chain metrics analyst Willy Woo believes we may never see another $6,000 Bitcoin again. The trader bases his theory on his latest technical indicator, the Bitcoin Difficulty Ribbon.<\/p>\n

Woo argues that a miner capitulation he expects to see in 2020, along with the halving<\/a> of Bitcoin supply next May, will \u201cadd more fuel to the bull market.\u201d<\/p>\n

Woo: Reducing Numbers of Bitcoin Hitting Market Will Fuel Current Bull Season<\/h2>\n

Appearing on former Wall Street trader Tone Vays\u2019s Trading Bitcoin YouTube show earlier today, on-chain metrics analyst Willy Woo<\/a> delved deeper into his recently-detailed Bitcoin Difficulty Ribbon indicator.<\/p>\n

He commented on how the Bitcoin Difficulty Ribbon inverted at around the December 2018 $3,200 Bitcoin low, saying that this is a clear signal to him that the bottom has been reached:<\/p>\n

\u201cTo me, this is extra confirmation that we are in a bull season\u2026 It\u2019s less now but some people still think we\u2019re in a mid-bear season rally, and it\u2019s a B-wave, and we\u2019re going to come back down.\u201d<\/p><\/blockquote>\n

Woo continued, stating that for him, the indication that the miners have recently capitulated, along with a further capitulation he is expecting in summer 2020 and the halving of the Bitcoin supply, will make it unlikely that the Bitcoin price will drop in any serious way from its current level:<\/p>\n

\u201cIt\u2019s very, very unlikely that price is ever going to come back down below accumulation bottom. Very<\/em> unlikely. Even to $6k given this particular setup. I\u2019m just speaking for the long-term macro picture.\u201d<\/p><\/blockquote>\n

Woo went on to comment that following his recent publishing of the Bitcoin Difficulty Ribbon<\/a> indicator on his personal website, a number of traders had hinted that they had already been using the activities of miners as an indicator for their trade and that now their secret was out.<\/p>\n

Elsewhere in the show, Woo admitted that his Bitcoin NVT indicator, a measure of total network value divided by daily transaction value, detailed<\/a> many times by the trader, is now a little \u201csloppy\u201d because of the changing market.<\/p>\n

For Woo, the fact that increasing numbers of people are holding Bitcoin on exchanges reduces the efficacy of the NVT indicator. Woo actually estimates that more than 6 percent of all Bitcoin mined to this point is sitting on exchanges. Although these funds are frequently involved in activity which impact the Bitcoin NVT, the trades are not registered as economic activity on the blockchain since coins are kept in cold storage and account balances are simply updated to reflect trade outcomes. This increases the NVT artificially:<\/p>\n

\u201cWe\u2019re definitely in a bull season right now and you would expect NVT to drop\u2026 but it\u2019s not\u2026 So much has gone off chain now that it\u2019s hard to get that trading signal.\u201d<\/p><\/blockquote>\n

The trader went on to state that although he rarely used the NVT indicator to influence buying or selling decisions, he did find the macro picture detailed above most illuminating.<\/p>\n

 <\/p>\n

Related Reading:<\/strong> New Bitcoin Indicator Based on Mining Activity Emerges, Where is BTC Heading?<\/a><\/em><\/p>\n

Featured Image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain metrics analyst Willy Woo believes we may never see another $6,000 Bitcoin again. The trader bases his theory on his latest technical indicator, the Bitcoin Difficulty Ribbon. Woo argues that a miner capitulation he expects to see in 2020, along with the halving of Bitcoin supply next May, will \u201cadd more fuel to the bull market.\u201d Woo: Reducing Numbers of Bitcoin Hitting Market Will Fuel Current Bull Season Appearing on former Wall Street trader Tone Vays\u2019s Trading Bitcoin YouTube show earlier today, on-chain metrics analyst Willy Woo delved deeper into his recently-detailed Bitcoin Difficulty Ribbon indicator. He commented on how the Bitcoin Difficulty Ribbon inverted at around the December 2018 $3,200 Bitcoin low, saying that this is a clear signal to him that the bottom has been reached: \u201cTo me, this is extra confirmation that we are in a bull season\u2026 It\u2019s less now but some people still think we\u2019re in a mid-bear season rally, and it\u2019s a B-wave, and we\u2019re going to come back down.\u201d Woo continued, stating that for him, the indication that the miners have recently capitulated, along with a further capitulation he is expecting in summer 2020 and the halving of the Bitcoin supply, will make it unlikely that the Bitcoin price will drop in any serious way from its current level: \u201cIt\u2019s very, very unlikely that price is ever going to come back down below accumulation bottom. Very unlikely. Even to $6k given this particular setup. I\u2019m just speaking for the long-term macro picture.\u201d Woo went on to comment that following his recent publishing of the Bitcoin Difficulty Ribbon indicator on his personal website, a number of traders had hinted that they had already been using the activities of miners as an indicator for their trade and that now their secret was out. Elsewhere in the show, Woo admitted that his Bitcoin NVT indicator, a measure of total network value divided by daily transaction value, detailed many times by the trader, is now a little \u201csloppy\u201d because of the changing market. For Woo, the fact that increasing numbers of people are holding Bitcoin on exchanges reduces the efficacy of the NVT indicator. Woo actually estimates that more than 6 percent of all Bitcoin mined to this point is sitting on exchanges. Although these funds are frequently involved in activity which impact the Bitcoin NVT, the trades are not registered as economic activity on the blockchain since coins are kept in cold storage and account balances are simply updated to reflect trade outcomes. This increases the NVT artificially: \u201cWe\u2019re definitely in a bull season right now and you would expect NVT to drop\u2026 but it\u2019s not\u2026 So much has gone off chain now that it\u2019s hard to get that trading signal.\u201d The trader went on to state that although he rarely used the NVT indicator to influence buying or selling decisions, he did find the macro picture detailed above most illuminating.   Related Reading: New Bitcoin Indicator Based on Mining Activity Emerges, Where is BTC Heading? Featured Image from Shutterstock.<\/p>\n","protected":false},"author":382,"featured_media":389203,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,50764,14602],"class_list":["post-392449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-price-indicator","tag-willy-woo"],"acf":[],"yoast_head":"\nWilly Woo\u2019s Bitcoin Difficulty Ribbon Suggests Drop Below $6,000\/BTC \u201cVery Unlikely\u201d<\/title>\n<meta name=\"description\" content=\"On-chain metrics analyst Willy Woo believes we may never see another $6,000 Bitcoin again. 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