Willy Woo Anticipated BTC Price To Drop As Low As $12,000

Willy Woo has reacted to BTC price movement amid tumultuous market conditions.
Investor and retail confidence has been the lowest ever this year.
Crypto enthusiasts like Will Woo have been weighing in on recent events.

In the past 24 hours, the price of Bitcoin fell 0.95% to $16,938 (USD). The recent FTX collapse and crypto lending platform BlockFi’s move to file for bankruptcy affected Bitcoin’s price. On Wednesday, Willy Woo, a popular on-chain analyst, reacted to Bitcoin’s price movement.

Willy Woo stated, “$12,000 wouldn’t shock me. $10,000, I think everyone’s wanting and so it usually doesn’t happen what everyone wants. So $12,000 wouldn’t shock me, $12,000, $13,000. It may run away from here or it may drop even further. These are very broad-strokes indicators. But it’s probably not a bad time to dollar-cost in.”

Woo compared the total production of Bitcoin to US dollars. He said since last year, a total of $1.1 million US dollars has been printed while Bitcoin with $0.37 million (USD). Woo added that regulatory bodies like US Securities and Exchange Commission are delaying the approval of exchange-traded funds (ETF), the major reason for fluctuation in BTC price.

Much of the sell pressure came from calendar futures, (hedging further BTC downside with shorts) they continued to sell down even AFTER the correction was over. Futures are now covering their shorts.
–> suggests to me speculative sells being absorbed by longer term spot buying. pic.twitter.com/RyzKeQgKg2
— Willy Woo (@woonomic) November 30, 2022

As per Woo’s October survey, the largest cryptocurrency by market capitalization took half a year to get 1000 users and five years to reach 1 million users. Currently, Bitcoin has more than 300 million users, nearly 4% of the world’s total population. At the present growth rate, Bitcoin might hit 1 billion users in the next three years, or approximately 12% of the world’s total population.

Recently, Mark Mobius, another famous author of Invest for Good and a multi-billionaire investor, said that crypto is not a good place to invest. Mobius predicted that Bitcoin could crash by 40% to $10,000 (USD) in coming years. If Mobius’s prediction comes true, there would be a high chance that the crypto market crashes.

Mobius stated, “of course there have been a number of offerings of 5% or higher interest rates for crypto deposits but many of those companies offering such rates have gone bust partly as a result of FTX. So as those losses mount people become scared of holding the crypto coin in order to earn interest.”

Mobilus added, “with higher interest rates, the attraction of holding or buying Bitcoin or other cryptocurrencies becomes less attractive since just holding the coin does not pay interest.”

In November 2022, Bitcoin dropped to a two-year low of $15,460 (USD) per Coinbase data. This year has already been marked as unlucky for the Bitcoin mining sector and Bitcoin traders. Bitcoin miners faced the worst bear markets in the past few months due to a series of crashes – Terra, Celsius, FTX and the latest, BlockFI.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing