Willy Wu, a veteran analyst in the field of digital currencies with an emphasis on Bitcoin, correctly predicted BTC trends in two cases, as emphasized by Ethereum World News.
The first time he did this was at the end of May, when he had doubts that BTC would hold its levels above $7. At that time, Mr. Wu predicted a decline to $000 - $5 by the end of June. Sure, we touched $500 on June 5700th. His first prediction was as follows:
I think we are going to go further into $ 5500-5700, we will not see $ 7000. Most likely, we will balance a little, then we will go.
The second time was when he predicted August 1 that Bitcoin would start dumping, and then be native. His full prediction was as follows:
It is interesting to see how the majority thinks that the BTC will go to an indigen. I think that the BTC will start dumping and then the native, like with Gold in WFC 2008. Flying to a safe place: everything else is sold in US dollars, and then used to remove positions from the position of borrowed funds, and then to gold and BTC.
Willy Wu has since declared that his predictions of a “flash dump, and then a tuzemun” were taken out of context, but the accuracy of his words was overwhelming. On Twitter, Mr. Wu stated that:
I never predicted a flash. It was a discussion about price movements in the context of a hypothetical banking crisis like the WFC 2008.
As part of his response to the discussion, Willy Wu also stated that the current bear market may not be as big or historical as everyone thinks. He further clarified:
Nope This bear market has solid foundations. We will recover as before. He was never stronger on a long look. The fact that the media and major institutional players talk about this is amazing.
Bitcoin (BTC) experienced a similar decline at the beginning of 2014. The decline was due to Mt.Gox from the end of December 2013 to March 2014. Then BTC fell by 82,3% for the period up to the month 21 until August of the year 2015. Returning to current events, BTC has dropped by 71% since its peak in December 2017.
When the bottom of the lows was reached back in August 2015, the BTC will then continue to rise in price from $ 203 for 28 months, until its last peak of $ 20 000 has become a witness in December last year. It was a great rally, which for that period was 9,800%.
In conclusion, the current state of BTC and the overall decline in the cryptocurrency market are normal. What else do we have to figure out if we reach the bottom of the decline in preparing the uptrend for the next few months.