Bitcoin has been heavily affected by the COVID-19 pandemic – with prices nearly halving to under $5,000 on 12 March and losing nearly 40% of its market capitalization.
But for Willy Woo, the statistician who accurately predicted Bitcoin’s flash dump in 2018, the price decline amid the COVID-19 pandemic is only a major test that will see Bitcoin emerge a winner.
Dump then moon. We are undergoing flight to safety right now, BTC is looking for its bottom. But know that once the bottom is in there are strong bullish pressures ahead. It's this economic environment in the years ahead that Bitcoin was built for. https://t.co/ILn3aXTJXG— Willy Woo (@woonomic) March 18, 2020
Mr. Woo believes that Bitcoin is simply searching for its bottom but that it will recover and its price will moon.
This sentiment is echoed by other asset analysts, including Gabor Gurbacs, VanEck’s Directorof Digital Asset Strategy.
The next #Bitcoin bull market will be nothing like you have ever seen before. pic.twitter.com/tddAuCJ1PX— Gabor Gurbacs (@gaborgurbacs) March 16, 2020