Top On-Chain Analyst Thinks Bitcoin Will “Pop” Despite BitMEX News

Top On-Chain Analyst Thinks Bitcoin Will “Pop” Despite BitMEX News

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  • Bitcoin underwent a strong rejection on Thursday and Friday morning due to two fundamental trends.
  • First and foremost, BitMEX was charged by the U.S. CFTC over derivatives concerns and anti-money laundering concerns.
  • Secondly, it was revealed that President Trump was infected by the disease spreading the world.
  • Bitcoin currently trades at $10,500, down a handful of percent since yesterday’s highs.
  • This move lower resulted in the liquidation of millions worth of BTC trading positions on margin positions.
  • Analysts remain bullish despite the strong move lower.
  • Willy Woo, a prominent on-chain analyst, expects Bitcoin to “pop” moving forward.
  • This echoes the sentiment put forth by Mike Novogratz of Galaxy Digital.

Bitcoin Could Soon Pop Despite BitMEX News: Willy Woo

“Fundamentally the market is scared for all the wrong reasons. MEX did NOT get hacked. No traders will lose coins. Futures exchanges will clean up their practices. We’ll see less volatility, less scam-wicking, more spot volumes, more organic moves, more institutional money.”
Willy Woo, a prominent Bitcoin analyst, thinks the cryptocurrency is scared “for all the wrong reasons” in a comment on the severity of the BitMEX news.

Fundamentally the market is scared for all the wrong reasons.

“Meanwhile the on-chain fundamentals are showing more new investors are coming in than the mania phase of the last cycle (Dec 2017), without it reflected in price. This is because the unfettered trading games on derivative platforms is holding the price down.”

Woo added that with this news event, coupled with on-chain fundamental trends showing that there has been an influx of new users, should help to drive Bitcoin higher. He went as far as to say that the cryptocurrency is poised to “pop” in the near future:

Not the Only Remaining Bull

Many agreed with the sentiment Novogratz shared, including Bill Barhydt of Abra and hundreds of users on Twitter, who shared and liked the comment he shared.
As reported by Bitcoinist previously, Mike Novogratz, CEO of Galaxy Digital and a former Goldman Sachs partner, recently stated that feeling bearish on Bitcoin due to the BitMEX news is irrational because the space is larger than once exchange:

He thinks that fundamentally, the news is bullish as it may force futures exchanges, which control the market, to reduce manipulation.

MEX did NOT get hacked. No traders will lose coins.
— Willy Woo (@woonomic) October 2, 2020

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