He says himself that it "sounds a bit ridiculous at the moment" - but sticks to his point: Bitcoin will rise to six-figure prices after the setback. On-chain expert Willy Woo shares this assessment in a new interview.
Willy Woo: "X-ray view" of investors
Looking only at the current BTC price to get an impression of the state of the crypto markets often does not give a complete picture. So-called on-chain analyses provide a more well-founded insight. These are more in-depth observations of the flows moving towards and away from the blockchain. These flows usually provide a telling insight into the "health" of the markets - and they provide an indication of whether we are in a bull or bear market.
One of the most renowned on-chain experts in the crypto industry now says bluntly in a new interview: Even if it may sound strange in view of Bitcoin's weakening price action - but we are in a full-blown bull market. So full-blown that, according to his forecast model, BTC will rise to $157,000 - at least.
The blockchain specialist in an interview with bitcoin bull Anthony Pompliano:
"This is a bull market. There's no mistaking it. We have an X-ray view of what investors are doing, and that's bullish as the price slides down. I think the next big event is when the fundamentals crush the price action and we break out of what I would call this re-accumulation band in the middle of a bull market."
Woo expects a rise to as high as $350,000
The popular on-chain analyst cites a new bitcoin price target of $157,000, but at the same time says: "That's just a minimum level. Bitcoin could go even higher once it continues its upward trend:
"If we get out of this accumulation band, as I expect, I would say we will start to move upwards into the $250,000 to $350,000 range. That sounds a bit ridiculous at the moment, but that's what the model is saying."
However, Woo also stresses, "That's not a prediction, that's just what the data on the blockchain unequivocally suggests.
"I use on-chain more as a kind of map to get a sense of what exactly is happening in the market. I have no idea what's going to happen in the fourth quarter."
Bitcoin at six-figure prices - the analyst is not alone in his assessment. Several on-chain experts emphasise that the markets are bullish "behind the scenes", so to speak, and that it is only a matter of time before the BTC bulls really start trampling again.