Crypto analysts across the globe are having a tough time debating over the Bitcoin (BTC) hitting bottom by 85% from its all-time highs. This act of BTC decidedly bottoming at $3,150 has become the talk of the town for the crypto market. Cryptoanalysts are speculating a “black swan” event in the crypto market, especially at this peak time when the industrial fundamentals are better than ever.
Although the act is under suspicion as the cryptoanalysts fear that this “black-swan” event might force Bitcoin and other cryptocurrencies to enter a freefall. Recently, Adamant Capital released its latest report regarding the state of cryptocurrencies market. Adamant Capital being an Alpha-seeking Bitcoin fund in its report referred to the title as “Bitcoin in Heavy Accumulation.”
The authors of the report including one of the most prominent analysts, Tuur Demeester weren’t delinquent in mentioning any cause for the lower lows in this cycle. The report included hacks or failures of exchanges and other infrastructure providers, a macroeconomic crash, and a “secondary Bitcoin mining capitulation.” On the other hand, this very same report clearly shows many signs of BTC accumulation.
Also, according to another cryptoanalyst, Willy Woo, the bitcoin accumulation is still underway. In one of his statement, he said, “Both my 1-day HODL, and the new CM Pro volume estimates suggests the accumulation bottom is now well underway.”
Keeping in mind that the Adaptive Capital founder and Bitcoin maximalist, Murad Mahmudov have given the bottom a 75% probability, Woo has come up with a 95% probability. He compared various predictions including a prediction by Tone Vays, who give it a probability of 40%. Tone Vays is a well-known crypto researcher and a derivatives trader.
In a debate of bulls vs. bears, Bitcoin bull Woo and Bitcoin bear Vays nearly switched places showing how unpredictable Bitcoin is. Vays in his counter said, “So here’s what makes this funny. This entire five-hour show was Willy being the bull and myself being the bear. But right now, Willy thinks $4,300 before $6,000, while being a bull, and I’m actually thinking the opposite – $6,000 before $4,300.”
He further added to his comment by saying that on a short scale he is more bullish than Willy. He also said that the reason behind him being comparatively more bullish is because of the technical analysis.