On-Chain Analyst Says BTC Can Collapse Fiat System at Certain Price

Willy Woo, a well-known on-chain analyst, has forecasted when the current bear market in Bitcoin (BTC) would end.

According to Woo, one million of his Twitter followers believe that the BTC bear market will go longer than that of 2018 but less time than that of 2015.

“The main question is how long this cycle’s accumulation zone will be. Judging from all the blow-ups, it’s more akin to 2013 with the Mt. Gox collapse (Remember 90%+ of BTC was traded there). I suspect it will be longer than 2018 but shorter than 2015.”

We published a graph comparing the cost basis of short-term and long-term bitcoin investors, each of whom has held the cryptocurrency for at least 155 days (STHs). According to Wu’s chart, a market bottom occurs when STH’s cost basis drops below LTH’s cost basis.

The main question I have is how long this cycle's accumulation zone will be. Judging from all the blow ups, it's more akin to 2013 with the MtGox collapse (Remember 90%+ of BTC was traded there). I suspect it will be longer than 2018 but shorter than 2015. pic.twitter.com/He8gMtZlLO

— Willy Woo (@woonomic) December 24, 2022

Woo also remarks on more positive Bitcoin forecasts, such as Cathie Wood from ARK Invest, which places BTC at $1 million per coin. Woo claims that the fiat currency system could be destroyed if Bitcoin increases in value to $1 million, as Wood has prophesied.

“Bitcoin price above, say, $1 million per coin could be very unstable. (ARKInvest, among others, predicts $1 million per coin.) At these corresponding capitalizations, BTC becomes a true challenger to fiat; thus it’s a price range where fiat collapses.”

Woo predicts that when Bitcoin’s price climbs toward $1 million, governments will fight to try and drive it down to preserve the dominance of fiat money.

“Thus, the forces pushing BTC pricing become binary, like breaking the sound barrier. There’s increasing bearish pressure on BTC as it approaches fiat market caps while governments suppress it. If the barrier is broken, BTC gets bullish pressure and escapes towards infinity.”

Bitcoin, Altcoins, and Crypto Markets Set for Major Unexpected Bounce in 2023, According to Popular Analyst

A well-known cryptocurrency analyst predicts that Bitcoin (BTC) and the larger altcoin markets will begin to recover in 2019.

According to recent research by anonymous trader TechDev. The crypto correction started in the second quarter of 2021, not the fourth, when Bitcoin reached its all-time high.

https://twitter.com/TechDev_52/status/1607769122598957056

“We start with the altcoin market cap, where I view the market divided into a cyclical set of regions, Correction > Accumulation > Markup. The below chart should indicate why we’re in accumulation, and that markup is expected next. It also provides further evidence of the correction starting Q2 2021, breaking the local RSI uptrend just as the previous correction.”

The relative strength index, or RSI, is a statistic for examining the candle oscillation of a crypto asset over 14 trading days. According to TechDev, the overall market structure resembles late 2016 or early 2017.

“Note the clear cycle in this chart which has a peak-to-peak timing of roughly 3.4 years that has been printing long before Bitcoin existed. Each local top in CN10Y/DXY marked or led a major impulse top in Bitcoin. And each local upside reversal marked or led the start of a major Bitcoin impulse.”

The analyst claims that since 2014, the local tops of the chart have been “steadily dropping along a trendline.”

“Its next hit could anticipate the next Bitcoin/crypto top. Cyclical timing over the last 20 years suggests this could be around the late 2023-mid 2024 timeframe.”

Altcoins May Outsmart Bitcoin

In 2023, it’s anticipated that Dash2Trade (D2T), RobotEra (TARO), Impt.io (IMPT), and Calvaria (RIA) will surpass Bitcoin (BTC). Crypto professionals and enthusiasts who think these coins have the potential to overthrow the current order of the cryptocurrency market in the coming years have made predictions.

If you’re an investor, you should watch these coins since they have tangible promises and encouraging presale records. They hint at what they can become if nothing unexpected happens to the market.

The outlook for the bitcoin market in 2022 has been bleak and disheartening. The market is currently in chaos and disagreement due to frequent meltdowns and scandals. Over 100 investors’ assets were locked up in the cryptocurrency exchange when FTX filed for bankruptcy earlier in the month of November. This strengthened the market’s negative projection. Also the fallout from the FTX crash had an impact on the prices of BTC and ETH.

However, compared to what has been happening to the major bitcoin coins. These altcoins have had a very different year this year. They have been gradually increasing, which has caught the interest of crypto enthusiasts and professionals. Huge purchases were made during the presale for these coins, and according to projections, they may outperform Bitcoin in 2023.