The price of bitcoin behaves similarly to stock shares since the parallel conflicts caused by the war appear. Willy Woo believes that the value of the cryptocurrency will go down until there is demand.
Analyst Willy Woo revealed his intention to close his bitcoin bulletin, suggesting a discouraging forecast for the digital asset price. The analyst said that this event is a situation that surprised its more than 10,000 subscribers, who have received its report periodically since 2020.
The analyst highlighted that bitcoin had followed a close correlation with stock shares in his latest edition. Various currencies have received the information with surprise since the tensions between Russia and Ukraine continue.
Since the initiation of the conflict between Russia and Ukraine, the digital asset experienced a quick 10% drop and a recovery that reveals uncertain behaviors in the market. The analyst also highlighted that during situations like this, the signals don’t tell users enough information about future price behavior, at least not in the short term.
A sell-off of BTC and stocks immediately took place when the Russian invasion of Ukraine started. The analyst said this situation happened when the digital currency was structurally bullish because there was buying demand in short periods.
At the end of January, Willy Woo explained how the price of bitcoin could experience a higher peak in the short term. A forecast that goes hand in hand with the economic impact generated by Russia’s unexpected invasion over Ukraine, something that, according to him, is shaking the market because it is an incredible event.
Hodlers and their Low Prices on Bitcoin
Willy Woo highlighted that bitcoin is at an extreme level of downward overselling, even though it has had some accumulation levels in this period. The analyst said that markets usually show resistance against warfares, and the initial sell-off seems complete unless there is a new and unexpected political event.
However, the purchase level seems not enough to boost the Bitcoin price. Therefore, Willy Woo thinks that there will be a discouraging trend for the digital asset in the upcoming weeks until there are signs of demand coming from the market.
Willy Woo Would not Make More Bitcoin Analysis and Predictions Newsletter
With this discouraging prediction, Willy Woo says goodbye to his readers in the newsletter, revealing the sad news that this letter will be his last prediction. Although he told two important updates to his readers, confirming that he still thinks that the digital asset will drop in price in the weeks to come.
The analyst explained that he is ending the bulletin because the maturity of the Bitcoin market makes it difficult to speak about future price action. He said he will always value the integrity of his work above his income.
By: Jenson Nuñez
