Trader Willy Woo: Bitcoin chart surged when BTC began to break away from the traditional market

The financial downturn and the COVID-19 pandemic continue to hold back traditional markets as well as Bitcoin prices. However, some analysts expect BTC to reverse in the short term after accumulating the range.

According to trader Willy Woo, among other factors, it is important for Bitcoin to stop correlating with the regular markets. Woo believes that this process has already begun.


Trader Willy Woo

The next milestone for Bitcoin

Renowned Trader Willy Woo tweeted that Bitcoin needs to break away from the traditional market to start skyrocketing again and prove a safe haven asset role.

Woo shared a number of BTC charts rising from various perspectives. The first chart shows that Bitcoin and Gold have begun to disconnect from one of the largest S&P500 market indices three days ago.

“Gold and BTC began to separate from SP500 from 3 days ago. Gold may be forming a double bottom, while BTC is forming a cumulative pattern. ”

Accordingly, Woo believes that Bitcoin is forming a cumulative pattern before continuing to grow.

“The next important event is the confirmation of BTC separated from traditional markets. This is a series of charts demonstrating the possibility of price increase. TI didn't expect the bottom of the V, I thought need have time. Currently, BTC is in range to accumulate before moving to the top. ”

Can only be increased

According to another chart of Willy Woo, the rate of BTC mining energy has strong resilience. A large amount of energy is flowing into the BTC network and this is a bullish signal.

“The proportion of Bitcoin mining energy has recovered strongly, a lot of energy is pumped into the network. Price increase. (Data from Cambridge Center for Alternative Finance) ”.

Woo shared a few other charts of Bitcoin and SORP difficulty. All of those charts are showing signs of price increases.

“Difficulty bands that expand after compression time are often considered signal increase price. I think This indicator has not yet shown the level of confidence dependable high because it's quite early, but demonstrate work Bitcoin mining is solid. The network is very strong. ”

“SOPR is the on-chain net position of investors. Index is recovering. The investors failure now turning back - is a bullish signal”.

Blockstream CEO talked about BTC price drop last week

Earlier today, Blockstream director Adam Back tweeted the events Back believes will trigger Bitcoin's next rally.

For last week's collapse, Back argued that a lot of Bitcoin was sold to compensate for the loss of the failed financial system.

“Also, the bonds rank high come medium, gold, even BTC all sold to offset large losses of the financial system. The default risk is low, non-convertible bonds will also increase. In short, sellers outnumber buyers to Get cash to stop liquidation ”.

Bottom hit $ 3,800 before rising to $ 7,000

According to the famous trader DonAlt, the Bitcoin price is about to fall and hit the bottom. His hopes of a V-reversal were shattered. Despite this bearish prediction, DonAlt is waiting for the bull to create a new setup, not a short bear.

On the chart shared by DonAlt, the forecast curve dropped to $ 3,800 and then increased to the $ 7,000 range by August this year.

"I think BTC is in the process of bottoming out, the question is to ever and I can be at ease transaction type.

The structure below will be great, but move reverse Shaped V sharp that I hope is already failure.

Expect the cow to have a new setup rather than a short bear”.

When asked about the miner surrendering due to Bitcoin price issues in the comments, DonAlt replied:

“People have asked me about last time me long $ 3.4k in 2018. Miner so far has always been a meme. If the miners become unprofitable, they will stop working and those who are profitable much than will continue”.

$ 6,800 in April - is it possible?

Trader Anondran shared a short-term forecast for April. The situation will be better if the global market and Corona virus do not change in a negative direction. Anondran expects Bitcoin to reach $ 6,800 next month.

"Target of the BTC in April if the world doesn't receive any more disaster come on again”.

"10,000 dollars a few months after accumulating"

According to traderXO, Bitcoin will not depreciate. He predicted that BTC would spend several months trading within the sideways range, then join the upward trend that brought the price up to $ 10,000.

TraderXO has accumulated while Bitcoin is trading in the range, instead of waiting for BTC to soar and come back later.

"I still Do not believe BTC was low enough

I leaning towards the bear? Is not

I have been waiting since summer 2019 to buy low like this

I anticipate on profiles cumulative structure /bottom instead of increase and decrease

Trading range for several months> trend> 10k ”

Crypto analyst Michael believes that Bitcoin may soon test the resistance of $ 6,100.

“Interesting day, BTC is still quite stable while US stocks fall.

Dow 18000 points. Usually, the first drop of the bubble is 35-50%, then drop sharply than.

This is possible in line with price moves BTC to $ 6,100 when testing the resistance level. ”

You can see the price of BTC here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Thuy Trang

According to AZCoin News

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