Willy Woo: BTC's Price Will Not Increase Before the Halving

1 min reading
Bitcoin-rzady-w-jaki-sosob-moga-go-zniszczyc.png

A popular analyst, Willy Woo, claims that the next halving will not affect the Bitcoin's price like the previous halvings did and we should not count on the increase of the BTC rate.

Since the 25th of October, when Bitcoin tried to overcome the barrier of $10,000, achieving one of the biggest increases in its history, every few days it reports further declines. After the last decline which amounted to 4%, BTC barely managed to stay above the $8,000 limit. Currently, its exchange rate is only 8,090 USD, and analysts warn that there will be even more declines in the future.

The situation is quite specific, considering that in the past, half a year before halving to be accurate (which is right now), Bitcoin's price went up. The price decreases nowadays, though.

 

Willy Woo: the market is bearish

According to Willy Woo, a well-known crypto analyst, the scenario from previous years will not be repeated this time. Woo refered to the last two halvings that took place in 2012 and 2016, when, half a year before the halving, Bitcoin's rates increased. The next halving, i.e. halving the prize for mining the block, is expected to take place in May 2020, i.e. in half a year.

Woo believes that the market is currently bearish, and miners have already capitalized by increasing sales volume. Although miners' surrender is nothing new, new is the fact that they have never "left" the network before halving. The analyst highlighted the fact, that the recent fall in the price of Bitcoin from an annual maximum of 14,000 USD to only 8,000 USD, led to the "death of weak miners."

I expect way more volatility. Short term bearish is all I'm saying. And don't expect price will repeat past halvenings.

- Woo summed up on Twitter.

Until recently, one could expect that this time the approaching halving will be a turning point for Bitcoin. For 3 weeks already, however, BTC has been recording more declines, and analysts say it's not over yet.

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Tokeneo TEO OU. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is TOKENEO TEO OÜ (an Estonian law limited liability company) with its registered offices in Tallinn (in the province of Harju Maakond), at 19-7K Maakri Street (in the district of Kesklinna Iinnaosa), 10-145 Tallinn, Estonia, registered on 21.12.2018 in the Estonian Business Register under number 14630242, using the EU VAT number: EE102149487.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.