Analyst Willy Woo gives confidence for near-term movement on BTC

• As you can see from the above tweet, Willy Woo has reassured the crypto community in that bitcoin is in the clear from any huge drops in the near future in his opinion. 

• After giving his take on the short-term future of what is to come next for the leading Cryptocurrency, many people asked the analyst questions on other industry-related topics. 

Macro update:

Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards. It's very unlikely we'll see any kind of a catastrophic dump in price from here. pic.twitter.com/FzEanBl0zk

— Willy Woo (@woonomic) September 14, 2020

As you can see from the above tweet, Willy Woo has reassured the crypto community in that bitcoin is in the clear from any huge drops in the near future in his opinion. After giving his take on the short-term future of what is to come next for the leading Cryptocurrency, many people asked the analyst questions on other industry-related topics. 

One user said:

“Willy do you still have the same confidence in on-chain models with such high correlation of BTC price with stock market indices? Isn’t BTC price led by stock market past few months ? Keep up with good work!”

Clearly an interesting question, the analyst discussed the state of bitcoin as he went on to say:

“This is an on-point Q right now. Short answer is yes on-chain is relevant as whatever investors are doing, whether it dumps or pumps, for reason A, B or C, then it shows up on-chain. Let’s do a long form thread on this topic, let’s call it “The history of BTC price correlation”

Going on a tangent, the analyst discussed the correlation between bitcoin and the traditional financial markets. He went on to discuss how bitcoin was advertised and seen as uncorrelated asset by many just a few years ago.

“A couple of years ago Bitcoin was marketed as the new uncorrelated asset, thus fund managers really needed to have it as part of their portfolio else they would not have a portfolio that would be hedged for all situations.“

He further went on to add:

“BTC was uncorrelated because there was a firewall between traditional macro investors and Bitcoiners. That’s to say cypherpunks, tech-heads, purveyors and consumers of illicit drugs, and die hard libertarians are NOT typically the guys moving money in macro markets.”

What is even more interesting is what the analyst believes was a turning point for the industry. He highlights the Winklevoss twins and when they attempted to launch a bitcoin ETF which led to the leading cryptocurrency, and the overall crypto market, been covered in mainstream news and even pushed it to be a legitimate investment vehicle instead of a tool particularly used by criminals on the dark web.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!