Bitcoin

“Bitcoin price will follow,” says the analyst after the historically accurate metric hits a new high

Bitcoin (BTC) has already hit an all-time high this week, according to a price measurement by the well-known statistician Willy Woo.

In one Series of tweets from October 27th Woo added to his recent bullish forecast for Bitcoin that a valuation of BTC / USD is now higher than ever..

Woo: NVT evaluation “price follows”

Woo was referring to Bitcoin Network Value Rate Per Transaction (NVT)This is to indicate that the Bitcoin network is overrated compared to the real value of the transactions that go through it.

“Bitcoin price will follow,” says the analyst after the historically accurate metric hits a new high
“Bitcoin price will follow,” says the analyst after the historically accurate metric hits a new high

Until Tuesday, Bitcoin’s NVT-based “organic valuation” had exceeded $ 10,000 for the first time.

“As we wait for BTC to hit all-time highs on both the monthly chart of $ 14,000 and the previous one of $ 20,000[,] I will point this out The NVT organic valuation of the underlying long-term investors is already at an all-time highWoo commented.

“The price will go on.”

The Bitcoin NVT price chart shows the all-time high. Source: Willy Woo / Twitter

BTC challenges final resistance of $ 14,000

The observation came when the BTC price move showed no signs of bearish correctionsand rose to a high of $ 13,850 on October 28, which is the peak of the 2019 rally.

As Cointelegraph reported, Analysts continue to see relatively little resistance between $ 14,000 and Bitcoin all-time highs of $ 20,000. When the $ 14,000 level breaks, the door will be open to new highs.

“”In markets that have broken all-time highs, there is no history to go backSo pricing goes wild up and exploring different levels as there is no story to say that this is not valid, ”added Woo.

Those making new highs before the end of the year include Exchange co-founder Gemini, Tyler Winklevossand Real Vision CEO Raoul PalThe latter indicate a maximum period of time from the beginning of 2021 for the event to occur.

At the end of this issue, Bitcoin was trading at $ 13,630 after temporarily falling to $ 13,480 before recovering..

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