On-chain analyst, Willy Woo, and co-founder of on-chain market intelligence firm Glassnode, Rafael Schultze-Kraft, are analyzing Bitcoin’s price now that the top cryptocurrency has lost over 40% of its value from its all-time high.
On the Unchained podcast, Woo argues that the price crash does not appear to be the start of a bear market. He sees Bitcoin resuming an uptrend in the near future.
“The structure is not bearish… So I think that we’ll rebound relatively ‘soonish.'”
However, as a result of the correction, Woo has revised his price prediction downwards and now expects Bitcoin to reach $200,000 by the end of the year.
“[Bitcoin] was starting to look like it was winding up to $300K, $400K even $500,000 near the end of this year. Now it’s starting to reduce its trajectory. It looks like it’ll comfortably reach $200,000. It might reach $300,000, but we have to see how that develops.”
Schultze-Kraft says he also believes Bitcoin’s network activity shows that the top crypto remains in a bullish phase and the price crash is simply a correction.
“I think we haven’t exited a bull market at this stage from an on-chain perspective, from a structural perspective. There’s little that points to that. As of now, I still believe that this is a correction – a big one – within the bull market, but we’re still on track.”
The Glassnode co-founder argues that the chances of Bitcoin dropping further are limited and the uptrend should resume over the coming weeks and months.
“I feel that the downside risk right now is very, very small, but I still wouldn’t be very surprised if we get another burst of pain and another kind of shake out before we start properly regaining the bull market trend essentially over the next couple weeks and months.”
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