Willy Woo’s Bitcoin Difficulty Ribbon Suggests Drop Below $6,000/BTC “Very Unlikely”
On-chain metrics analyst Willy Woo believes we may never see another $6,000 Bitcoin again. The trader bases his theory on his latest technical indicator, the Bitcoin Difficulty Ribbon.
Woo argues that a miner capitulation he expects to see in 2020, along with the of Bitcoin supply next May, will “add more fuel to the bull market.”
Woo: Reducing Numbers of Bitcoin Hitting Market Will Fuel Current Bull Season
Appearing on former Wall Street trader Tone Vays’s Trading Bitcoin YouTube show earlier today, on-chain metrics analyst delved deeper into his recently-detailed Bitcoin Difficulty Ribbon indicator.
He commented on how the Bitcoin Difficulty Ribbon inverted at around the December 2018 $3,200 Bitcoin low, saying that this is a clear signal to him that the bottom has been reached:
“To me, this is extra confirmation that we are in a bull season… It’s less now but some people still think we’re in a mid-bear season rally, and it’s a B-wave, and we’re going to come back down.”
Woo continued, stating that for him, the indication that the miners have recently capitulated, along with a further capitulation he is expecting in summer 2020 and the halving of the Bitcoin supply, will make it unlikely that the Bitcoin price will drop in any serious way from its current level: