14 Nov Bitcoin Price Decline Will Persist until Mid-2019: Crypto Analyst Willy Woo
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When the bitcoin price flatlined near $6,500 in mid-October, many crypto analysts predicted that the bears had finally become winded following a market downturn that has persisted for nearly a year and that the market could be primed for a December rally. However, technical analyst and trader Willy Woo does not believe that the flagship cryptocurrency’s immediate future is quite so rosy.
Writing on Twitter, Woo said that he does not expect the bitcoin price to find a floor until the second quarter of 2019, meaning that the market could face another seven months of downward pressure before conditions improve.
In addition to fundamental indicators such as the entrance of high-profile institutions into the cryptocurrency ecosystem, short-term bulls had pointed to a variety of technical data points to justify their optimistic outlook, including a marked increase in bitcoin’s transaction rate and steady average daily trading…
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