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  • Woo believes that Bitcoin bottomed out at $3,100.
  • Woo also surveyed multiple industry experts to get their opinion on whether the bear market has bottomed out or not.

Respect crypto analyst Willy Woo tweeted that he believes the cryptocurrency market has bottomed out. Bitcoin bottomed out at $3,100 at the end of 2018, and Woo believes that the market won’t seek any new lows. Woo said:

“I’m swimming in data and you kind of get an intuition about things. I’d say a one-in-20 to one-in-40 chance that this floor falls through. So that’s 95%-97.5% that the bottom is in. I’d consider if we drop below $4,300, they [bears]would be very lucky.”

Woo also surveyed various industry experts to get their opinion on whether the bear market has bottomed out or not. This is what he found out:

90% @jespow (Kraken founder)
90% @arjunblj (Analyst)
85% @novogratz (Galaxy Digital)
85% @ErikVoorhees (Shapeshift founder)  
85% @nic__carter  (Coin Metrics founder)
85% @Travis_Kling (Ikigai Asset Management)
80% @TuurDemeester (Adamant Capital)
75% @APompliano (Morgan & Creek Digital)
75% @MustStopMurad (Adaptive Capital)
70% @kenoshaking (Adaptive Capital / On-chain Analyst)
69% @CarpeNoctom (Trader)
50% @PeterLBrandt (OG Trader)
40% @ToneVays (Trader / Youtube Host)
39% @venzen (Trader)
30% @VinnyLingham (Investor / Entrepreneur)
20% @LucidInvestment (Lucid Investment / Hyperwave Channel)91% @alistairmilne (Investor / Entrepreneur)
90% @WhalePanda (Whale / Trader)
80% @fundstrat (Fundstrat Analyst)

Notable comments given to Woo during the survey:

  • Kraken Founder Jesse Powell: “Bottom is never in. Everything can go to 0.”
  • Peter Brandt: “50% chance BTC goes to $50k. 25% chance we establish a very prolonged broad trading range for several years. 25% chance we go to basically zero.”