Famous analyst thinks Bitcoin price bottom is seen

Bitcoin (BTC) is seeing a new wave of users. Analysts think the price of the crypto currency is likely to dip at $ 52,000.

Statistics expert Willy Woo, In the posts he shared on April 20 It eased worries about BTC’s loss of $ 9,000 in value.

1 trillion dollars will hold on to the market value

Reiterating his previous rhetoric, Woo suggested that buyer support confirms that Bitcoin is a $ 1 trillion asset and therefore the BTC / USD pair will not drop too much below $ 53k.

“The revisiting of these levels proved that BTC was a $ 1 trillion asset. 14 percent of the BTC supply was moved when the last market cap was over $ 1 trillion,” Woo summarized.

Bitcoin chart showing support at a market value of $ 1 trillion. Source: Willy Woo / Twitter

Woo added that the transfer of cryptocurrencies from weak to strong hands is also continuing, and the number of new entrants in the market has increased.

Bitcoin formation spike and BTC / USD parity. Source: Willy Woo / Twitter

On the other hand, there are those who do not see the general condition of crypto money positively. One of them, JPMorgan Strategist Nikolaos Panigirtzoglou, suggested that buyers will not step in as before in the recent price decline.

Panigirtzoglou believes that futures positions that have been closed will not return, adding that overall corporate interest in Bitcoin will also diminish over time.

The short-term fate of the BTC / USD parity, which holds $ 55,000 as of the translation broadcast time, has not yet been determined. Some altcoins, on the other hand, showed signs of life today.

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