On-chain analyst Willy Woo explained a signal he says has historically led to BTC price jumps. Popular on-chain analyst Willy Woo says it’s a signal implying that a significant price increase for Bitcoin is on the horizon. Detail cryptocoin.com‘in.
He charted a course for Bitcoin
The analyst tells his 831,000 Twitter followers that he’s at a point where he says Bitcoin’s NVT (network value to transaction) has historically led to rallies. NVT is an indicator that measures on-chain investor volume. The metric divides the total value of the Bitcoin network by the total transaction volume flowing through the BTC blockchain and then smooths it out with a moving average. Based on this metric, Woo says that Bitcoin is not overheating in terms of price. Analyst: “The Tuned NVT Signal is in the middle zone. The price is no longer overheating. “Assuming this is a bull market, historically this is a region where the price is ready to rise,” he says.
The analyst also mentions another indicator that he says is important for Bitcoin. Woo suggests that Bitcoin’s market cap is related to the total supply of the US dollar (M2). According to Woo’s chart, Bitcoin could continue to rise as the USD supply increases.
Woo has recently called for a massive Q4 rally for Bitcoin and a market cycle unrecognized from its predecessors, possibly extending to 2022. The analyst says:
Whatever happens in this volatile environment over the next few weeks, we know with very high certainty that we will get a good rally by the end of this year. The fourth quarter will be great… We’ll have to see how it goes into the second quarter of next year. Maybe it goes even deeper, but it’s still too early… I’m not afraid to say that’s what I’m thinking, and I don’t think it’s a risky call.
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