Prominent crypto analyst Willy Woo thinks Bitcoin has to hit $8,300 by the end of the month in order to avoid a bearish December.
But Woo, a partner at the cryptocurrency hedge fund Adaptive Capital, says he actually “almost” wants it to miss that mark.
“We’d need to close above $8,300 by the end of the month (4 more days), or we’ll likely have a bearish December to test new lows.
2020 will be a good year, I almost want it to go lower to collect cheaper coins.”
When asked to back up his analysis, Woo points to bearish engulfing candles on Bitcoin’s chart, which he says have typically led to plunges in Bitcoin’s value in the past.
“It would create a bearish engulfing candle on the monthly chart which is pretty tragic normally, but not a sure thing.
It’s just [technical analysis]. BTC has shrugged off bearish candles like this in the past.”
Bitcoin has steadily declined in value for most of November, falling from around $9,200 at the beginning of the month to about $6,627 on November 24, roughly a 28% decrease
Woo isn’t the only one who thinks Bitcoin needs to surge in price soon: Mike Novogratz, the CEO and chairman of Galaxy Digital, says BTC needs to hit $7,500 by Wednesday afternoon in order to avoid another dip.
Meanwhile, Bitcoin bull Anthony Pompliano is looking on the bright side, touting Bitcoin’s gains on the year.
When gold proponent and crypto critic Peter Schiff said he thinks Pompliano will go down with the Bitcoin ship, the co-founder of Morgan Creek Digital was quick to respond.