In series tweets on October 27, Willy Woo, an analyst known in the cryptocurrency community, published his forecasts on the Bitcoin rate.
Bitcoin will become more expensive
Woo was referring to the Bitcoin network’s Value to Transaction (NVT) ratio, which is intended to imply when the cryptocurrency blockchain is overrated against the actual value of transactions going through the network.
On Tuesday “Organic valuation” NVT-based Bitcoin surpassed $ 10,000 for the first time.
While we wait for BTC post an all-time-high, both on the monthly chart of $ 14k and the 20k prior top. I’ll point out that the organic valuation under NVT Price from underlying long term investors is already at an all-time-high. Price will follow. pic.twitter.com/s5uVN5EtM2
– Willy Woo (@woonomic) October 27, 2020
The analyst added that at a time when “We are waiting for BTC to be posted [na wykresie] record of all time “, I would like to point out that the organic valuation (…) is already at the record level of all time. “
This observation came as BTC’s price action showed no signs of any correction, peaking at $ 13,850.
$ 14,000 resistance and exploration of new areas
It is worth noting, however, that analysts still see relatively little resistance between $ 14,000 and Bitcoin’s record high of $ 20,000 on the chart. They claim that if we break the USD 14,000 level, we can safely reach ATH, which is USD 20,000.
“In markets where historic highs are breaking, there is no prior history to go back to, so prices soar upward exploring different [nowe] levels because there is no history that says “this is not how it should be”
Among people who are already forecasting new ATH, and even before the end of this year, there are, among others Gemini Exchange Co-founder Tyler Winklevoss and Real Vision CEO Raoul Pal. Both argue that BTC will grow strongly in the coming years.
“I would even argue that [oczekiwanie, że] Bitcoin at $ 500,000 is actually quite conservative [podejściem]because he is playing [o to] it has not even actually started “
Tyler’s brother Cameron noted.
At the time of writing, the price of Bitcoin was around $ 13,630, or as much as 12%. more than a week ago.
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