Bitcoin (BTC) has just reached “half” of the current bull market, according to on-chain analyst Willy Woo.
Popular statistician Woo, in the last market update He said that Bitcoin’s current state is similar to anything other than the bear market.
Woo: “BTC price did not peak”
The BTC / USD pair showed one of the sharpest improvements in its history after dropping as low as $ 30K on Wednesday.
“Are we in the bull market? Long-term macro indicators such as network value / transaction rate (NVT) are extremely healthy and unchanged,” said Woo.
“So yes, we haven’t seen the peak where the BTC bull markets ended, while the price is BELOW, not above the basics. We’re halfway to the road.”
NVT is a popular indicator for measuring the rate of profitability of savings. NVT was giving signals of opportunity to buy even around $ 42,000 before the Bitcoin price made its bottom.
NVT price, which Woo calls “organic” Bitcoin value, still stands at $ 55,000. The stock flow price model shows that Bitcoin is not worth enough even at $ 60,000. predicts.
The biggest cryptocurrency may already have what it takes to compensate for its loss, with investors being eliminated using high leverage and Elon Musk’s negative posts now losing impact.
“The new whales sold out, individual investors picked up the bottom, the cryptocurrencies dispersed,” Woo summarized.
With BTC falling to $ 30,000, funding rates also turned negative. This could trigger a huge short position squeeze.
Messari analyst Mira Christanto said, “This clears the road to $ 100,000. Funding rates have largely been reset.” commented.
In the journey of BTC between 30-40 thousand dollars, the open positions of Bitcoin futures also decreased from $ 17 billion to below $ 13 billion.