The analyst Willy Woo made the corresponding statements on November 20 in a YouTube discussion with the well-known Bitcoin trader Tone Vays
Bitcoin could fall to 4,500 US dollars before halving
Since Bitcoin is now only at just under 8,000 US dollars and can only consolidate at this mark with major problems, the experts are pessimistic overall about the further development of the share price. Thus, they draw a comparison to the “calm before the storm” in 2018, when the market-leading crypto currency subsequently slipped to a low of 3,100 US dollars.
According to Woo and Vays, this year’s cycle could still trigger a 71% downturn, measured against the record high of 2019, which had since produced a price of 12,800 US dollars.
This means that Bitcoin could soon slide to a level of 4,500 US dollars before the so-called “halving” or the literal halving of the block reward is due in May 2020, which many experts see as the trigger for a new upward trend.
However, Woo emphasizes that he continues to see the market as positive in the long term, which is why he expects the trend to turn around soon. The upcoming “halving” could ensure that downturns will no longer be of long duration. However, some miners have already shut down due to the weak market situation, which is a first warning sign that the market should not be further weakened.
No sign of a turnaround so far
The Cointelegraph expert filbfilb was also mentioned during the discussion as his Bitcoin annual forecast is very accurate. He also advises caution now. “I have completely liquidated my positions back into cash. At the moment there are no signs of a positive trend reversal. I will wait until a new sign emerges”, as filbfilb writes in his Telegram chat group on Wednesday.
As Cointelegraph recently reported, the Stock-to-Flow model predicts that the Bitcoin price will settle at 8,300 US dollars by May 2020. According to the model, it could even reach astronomical heights of 100,000 US dollars. As Cointelegraph previously reported, the popular Stock-to-Flow model for charting the Bitcoin price calls for an average BTC/USD value of $8,300 until May. After that, the trajectory is open for a giant $100,000 leap by the end of 2021.