If you could have suggested to any crypto trader and enthusiast earlier this year that Bitcoin (BTC) would drop to current levels of $3,700 he or she might as well declared you insane. But the reality remains that we are where we are due to a few factors that will be stated below.
Current Values Had been Predicted Loosely
Heading into Thanksgiving, there was the bullish side of the argument that had postulated that the discounted values of all cryptocurrencies will lead to a bounce and have BTC at levels above $4,700. This theory had been based on the fact that the Hash Wars were over. There was also another camp that was calling for $3,000.
Earlier Predictions of the Bear Market
Veteran Bitcoin and digital analyst Willy Woo, uses the NVT signal/ratio to analyze the future of BTC. The NVT ratio that was co-created by Dmitry Kalichki and Woo, is simply the Network Valuation divided by the Transaction Value flowing through the blockchain and then smoothed using a moving average.
In an October 26th tweet, Willy Woo had used this ratio to conclude that we were in the middle of a bear market. This in turn meant that we had a few months of Bitcoin falling before declaring a bottom. The exact date of the bottom was not known but the calls were for some time between April and May 2019.
Bitcoin Cash Hash Wars Has Accelerated The Process of Reaching a Bottom
Unbeknownst to many analysts, was the storm that was the Bitcoin Cash Hash Wars that saw BTC fall from $6,300 levels only two weeks ago to current $3,700 values. This event has indeed…
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