Although Bitcoin suffered a significant drop with the BitMEX case and Trump’s virus news the other day, analyst Willy Woo argues that the BTC price will continue to rise in the long term.
Bitcoin fell to $ 10,400 after the BitMEX case and US president Donald Trump’s announcement that it was a coronavirus. This drop resulted in the liquidation of millions of BTC margin positions. But Bitcoin, which has managed to get out of the negative zone in the last 24 hours and increased by about 0.6%, managed to rise above the 10,500 threshold again.
Bitcoin Will Be Good Despite BitMEX News
Famous crypto money analyst Willy Woo did not think that the problems in BitMEX directly affect the BTC price, in a statement on social media. WOO claims that BitMEX, a futures exchange, cannot cause a direct price drop, but that BTC is affected by the panic and manipulation factors in the public. He also said that there are some on-chain signals for the BTC boom. He noted that the number of new entrants in the Bitcoin field was higher than it was in December 2017, when BTC popularity exploded.
Stating that BitMEX has not been hacked and no traders will lose money, Woo says people are in a hurry for the wrong reasons. According to Woo, the futures exchanges will be kind of cleared after BitMEX’s lawsuit; He underlines that there will be more organic moves and corporate money with less volatility, less fraud.
Galaxy Digital CEO and former Goldman Sachs partner Mike Novogratz shares similar views to Willy Woo. Making a statement after the BitMEX news, Novogratz underlined that Bitcoin is much bigger than an exchange or institution; He called for this decline to be seen as a buying opportunity.