Chinese Analyst Says Bitcoin Is Falling Too Fast, Suggests It May Attempt to Recover Toward $85,000
Willy Woo, a closely followed on-chain analyst in the cryptocurrency market, made noteworthy assessments regarding Bitcoin’s recent price movements.
According to the analyst, the rapid decline in Bitcoin during the early stages of the bear market is paving the way for a strong recovery in the medium term.
Woo, in a post on the social media platform X, stated that the Bitcoin price encountered local resistance near the $75,000 level. Despite this, the analyst noted that investor fund flows have been gradually recovering since mid-February, arguing that signs of improved market liquidity are being observed.
According to the analysis, the CBOE Volatility Index (VIX), which measures expected volatility in equity markets and indicates investor sentiment, also suggests that a renewed “risk-taking” trend may strengthen in the markets in the coming weeks. This is considered to potentially support positive price movements in the cryptocurrency market as well.
Related News: What is the Current Overview of the Cryptocurrency Market? What Can Be Expected Next?
Woo stated that the decline at the start of the Bitcoin bear market happened “too quickly,” and that current market conditions are paving the way for a price recovery attempt towards the approximately $85,000 level. According to the analyst, this level corresponds to the average cost level for short-term investors.
However, Woo specifically noted that the possibility of such a rise does not mean the market has bottomed out. Looking at long-term liquidity indicators, Bitcoin is still in the middle phase of a bear market, the analyst pointed out, adding that in the past, similar rapid declines have often been followed by a period of consolidation, after which prices have tested key resistance levels several times before recovering.
*This is not investment advice.
Continue Reading: Chinese Analyst Says Bitcoin Is Falling Too Fast, Suggests It May Attempt to Recover Toward $85,000
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