Analyst Willie Wu explains when bitcoin will hit bottom

Popular blockchain analyst and researcher Willie Wu shared his thoughts on whether BTC $94,395.85 Bitcoin -3.89% Market capitalization $1.87 trillion VOL. 24 hours $5.04 billion has reached its bottom. According to Wu, by actively buying the flagship cryptocurrency, investors have reduced volatility and put bitcoin in a sideways trend.

«People are buying, setting a minimum price, and volatility is falling. The market faced this situation in 2018, 2015, and 2012. As long asinvestors are interested in bitcoin, the price will hold up,» Willie Wu emphasized. According to the analyst’s estimates, token prices are moving sideways, which is a good sign of accumulation. As for the bottom of bitcoin, Wu believes that it is between $ 14,000 and $ 10,000.

Willy Wu also added that bitcoin is currently showing resilience in the face of numerous crypto company defaults affecting the entire market. «With the bankruptcy of BlockFi, we saw a pullback. At the same time, the BTC began to fall even earlier, as sellers were already prepared for the bankruptcy filing. There was no sharp shock. Now bitcoin has started to grow again. This suggests that there are many buyers at this price,» Wu said.

As a reminder, European Central Bank (ECB) advisors Ulrich Bindseil and Jürgen Schaaf said yesterday that the RTS is «on the verge of irrelevance.» According to their joint post on the ECB’s blog, bitcoin is rarely used in transactions in the EU and poses a reputational risk to state-owned banks. «It (CTS) does not generate cash flows (like real estate) or dividends (like stocks), cannot be used productively (like commodities) or provide social benefits (like gold). Thus, the market valuation of bitcoin is based purely on speculation ,» the officials said.