Crypto: Towards a drop to $12,000 for bitcoin (BTC)?

Famed trader Scott Melker interviewed on-chain analyst Willy Woo on November 30. During the interview, Willy spoke in particular about bitcoin (BTC). It has shown itself to be relatively bearish when it comes to the upcoming price of the flagship crypto.

A drop between $14,000 and $10,000

In his interview, Woo explained that buyers recently tried to support bitcoin (BTC). This made it possible to reduce the volatility of the flagship cryptocurrency which ended up in a sideways trend. “People buy, they put a floor on the price, volatility goes down. We saw that in the 2018 low, the 2015 low. We even saw that in the 2012 low. So yeah, of course people keep the price high because they want bitcoin“said the analyst.

Willy Woo added that the price of BTC, which is currently around $17,000, could drop to $14,000, or even $12,000, or maybe $10,000. On the other hand, he said:$12,000 wouldn’t shock me. $10,000, I think everyone wants it and usually what everyone wants doesn’t happen“.

The interview

The crypto analyst also spoke of a “kind of retreat» that there was with BlockFi’s bankruptcy. According to him, “it was inside sellers, who knew the ad would happen“. The price of the crypto then “dropped 500 bucks or something“. “And then now we’re breaking up“said Willy.

A manipulation of the price of bitcoin (BTC)

Note that last September, Woo made a series of tweets about bitcoin (BTC) price manipulation. He had stated that opponents of flagship crypto suppress and manipulate its prices through the futures market. The adversaries in question are: Wall Street and hedge funds.

Additionally, the analyst has explained : “Currently, the SEC’s policy arc has been to increase the liquidity and dominance of futures contracts by approving multiple futures ETFs, while rejecting all spot ETFs. It’s now a political game“.

The explanation in a thread on Twitter

Willy Woo highlighted the fact that the CME group, the world’s largest derivatives market, has launched “a BTC casino where you had to pay in dollars to play“. According to him, this project resulted in removing limits on the sale of bitcoin (BTC), while making fiat unlimited.

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