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A statistician who accurately predicted that the Bitcoin price will flash dump amidst a global economic crisis now hopes for a significant BTC price rebound.
Willy Woo, an on-chain analyst who in 2018 forecasted that investors would unwind their leveraged Bitcoin positions to seek safety in the US dollar, says the cryptocurrency is looking for a bottom.
“Dump then [the] moon,” he tweeted. “We are undergoing flight to safety right now, BTC is looking for its bottom. But know that once the bottom is in there are strong bullish pressures ahead. It’s this economic environment in the years ahead that Bitcoin was built for.”
Mr. Woo thinks Bitcoin is behaving as Gold did during the housing and credit bubble burst.
The yellow metal in 2018 plunged by up to 33.96 percent even as the stock market bust raised opportunities for it to behave as safe-haven.
However, investors moved into other offbeat hedging assets, mainly the US dollar.
Gold bottomed-out at $681.75 in October 2018, followed by a steep uptrend that took its value to $1,703.60 earlier this March.
Nevertheless, the Coronavirus-led sell-off prompted the metal to rebound by as much as 14.80 percent. So it appears, bitcoin plunged in a similar fashion.
“Flight to safety: everything else sells off to USD,” Woo reminded investors. “[It is] then used to unwind leveraged positions. Afterward, havens like Gold and [Bitcoin] have a bull run.”
$566,900,000 in Bitcoin (BTC) on the Move As Report Suggests Coordinated Whale Action Behind Crypto Market Crash
A flurry of Bitcoin whale activity is underway as the price of BTC climbs back above $5,200.
In the last 24 hours, some of Bitcoin’s biggest investors have moved a total of 107,209 BTC worth $566.9 million at time of writing.
The largest single transaction sent 47,846 BTC worth $252.2 million between two wallets of unknown origin.
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