Willy Woo predicts Bitcoin will surge due to 'supply shock'

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A prospective provide shock will be the driving force behind Bitcoin’s value spike in the close to potential, mentioned analyst Willy Woo.

Analyst Willy Woo lately predicted a prospective provide shock for Bitcoin.

Specifically, some information displays that considering that February, prolonged-phrase Bitcoin traders have been attempting to accumulate from quick-phrase traders.

According to Willy, the provide of Bitcoin in the close to phrase will be as reduced as in the fourth quarter of 2020. At that time, the Bitcoin value started out an uptrend and went from about $eleven,000 to a new peak at $64,800 in April of this yr.

“Experts are debating whether BTC is an inflation hedge in the post-Covid-19 world, as data indicates long-term investors are accumulating BTC rapidly. The price fell and quickly exited the strong correlation with the stock,” Woo mentioned.

Data from analytics platform Glassnode displays that the Bitcoin network is incorporating 32,000 end users per day.

This is a substantial not witnessed considering that January 2018, when the network took in forty,000 end users a day, in advance of the bearish cycle started and lasted a yr afterward.

However, Woo notes this time factors are various due to the fact “new end users are taking benefit of the latest correction to ‘bottom’, this is the fee [người dùng mới] the highest recorded this yr.”

In March, this analyst predicted that the Bitcoin value could attain $400,000 by the finish of the yr. But by mid-June, he lowered his value prediction to $200,000.