Mathematics of Bitcoin Bottom Fishing
Too Long; Didn't Read
A week ago, noted cryptocurrency analyst, Willy Woo, put out an <a href="https://www.newsbtc.com/2018/05/26/analyst-says-bitcoin-may-drop-5500-new-upside-q3-q4-2018/" target="_blank">article</a> stating that he expected bitcoin to slide from its current level to between $5500 — $5700. The reason provided was that the NVT ratio was still too high and that an <em>increase </em>in<em> </em>blockchain transaction volume (in $USD) was needed to justify the current price, or a commensurate market price <em>decrease</em> was needed to reconcile the difference.