Willy Woo: $8K Bearish Bitcoin Price in 'Unique Setup' Before Halving

Published on by Cointele | Published on

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Bitcoin barely managed to maintain $8,000 support on Nov. 19 as analysts warn the outlook for markets is increasingly bearish.

On Monday, a sudden dip took the pair below $8,100 for the first time since late October, with price action fluctuating around that level since.

At press time, a slight reversal had taken Bitcoin back to $8,150, with daily losses still at 3.7% and weekly losses totaling almost 7%.Bitcoin daily price chart.

Woo: Bitcoin "Won't repeat past halvings".

Perhaps unsurprisingly, analysts revealed they had cause for concern for Bitcoin price - not just in the short term - but even after the May 2020 block reward halving.

"I expect way more volatility. Short term bearish is all I'm saying. And don't expect price will repeat past halvenings," statistician Willy Woo summarized in a Twitter update on Monday.

Woo was referring to historical trends in Bitcoin, which saw its two previous halvings - in 2012 and 2016 - come after several months of bullish price action.

As Cointelegraph reported, a traditionally accurate Bitcoin price model still calls for an average BTC/USD price of $8,300 until the halving.

Ether, the largest altcoin by market cap, fell just over 3% to hit $177.Ether 7-day price chart.

Bitcoin's share stood at 66%.Keep track of top crypto markets in real time here.