Bitcoin analyst Willy Woo is seeing signs that the market might be turning a corner.
Less Bearish, More Neutral
Woo, who has a massive following on social media, says that the recent flood of Bitcoin hitting exchanges from sources like the German government, the US Department of Justice, and the failed Mt. Gox exchange is being absorbed by the market. This is a good sign, according to Woo, because it means that the market isn’t panicking and selling off.
He’s also seeing a decrease in “paper Bitcoin,” which refers to futures and derivatives contracts that bet on the price of Bitcoin. This suggests that investors are less interested in risky leveraged trades, which is another positive sign.
Sideways Trading Expected
Woo believes that Bitcoin will likely trade within its current price range for the rest of September. He’s not expecting any major moves until October.
Long-Term Outlook
While Woo previously predicted that Bitcoin could reach $1 million, he now believes that it’s unlikely to happen in the current cycle. He says that the amount of capital needed to push Bitcoin to that level is simply too large.
Disclaimer: This information is for general knowledge and should not be considered investment advice. Always do your own research before making any investment decisions.
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