Willy Woo, a popular on-chain analyst, believes that Bitcoin (BTC) could be set for a major bullish move. According to him, BTC will break the Realized Price, which is historically a good sign. Real Vision CEO Raoul Pal claims the crypto market has ‘probably’ bottomed out
Is it possible for Bitcoin (BTC) to rise?
Realized Price predicts the average price the market should spend to buy their Bitcoins. It also acts as a resistor. Breaking this always leads to a massive upward movement of BTC prices. BTC only broke the Realized Price four times.
Realized Price has always been an important indicator for investors to monitor Bitcoin trends. Usually, when the market price of BTC is higher than the actual price, Bitcoin holders are usually in profit. On the other hand, if the market price of BTC falls below the Actual Price, market participants often lose.
According to data published by Lookintobitcoin, the Actual Price on July 17, 2022 was $21,985 while the current price of Bitcoin was $22.257. Michael van de Poppe says that a slight consolidation of BTC to break the resistance at $22.6k could push it to $28,000. As you follow on Kriptokoin.com, Bitcoin also took back its market value of 420 billion dollars.
“ETH, MATIC in strong bullish trend”
Bitcoin isn’t the only major cryptocurrency to see a significant upward move. Recently, Ethereum core developers set September 19 as the Ethereum Merge date. Merge will migrate Ethereum from a Proof of Work to a Proof of Stake.
Since the announcement, Ethereum has seen extremely bullish price action. Its price has increased by more than 9% in the last 24 hours and by about 30% in the last 7 days. ETH is currently trading at $1,474. Polygon also experienced a large upward movement in its prices. MATIC price is up more than 17% in the last 24 hours and more than 55% in the last 7 days.
Cryptocurrency prices low?
Real Vision CEO Raoul Pal claims in a recent Twitter thread that the cryptocurrency market has ‘probably’ bottomed out. The prominent analyst also says that this macro turnaround is ‘very close’. Pal estimates bond yields have already peaked. The benchmark 10-year Treasury bond yield was just a short distance away from reaching the 3.5% mark at the beginning of June.
Raoul Pal also points out that as Ethereum (EHT) volumes and floor prices rise, so do NFTs. As you follow on Kriptokoin.com, an NFT from the CryptoPunk collection has recently found buyers for $3.3 million despite bear market sentiment. On Thursday, Ethereum price rallied as high as $1,400. However, veteran trader Peter Brandt said the rally was doubtful due to the low volume.
History of highly inaccurate predictions for Bitcoin
However, it is necessary to pay attention to the views of Raoul Pal. Following Terra’s collapse in late May, the analyst claimed that he never owned or offered tokens in the failing ecosystem. But a video of the project claiming to be basically ‘risk-free’ later surfaced on social media.
Pal is also known for making some notoriously inaccurate price predictions. Last September, he predicted that the Bitcoin price would go up to $400,000 by March 2022. After the leading crypto hit $69,000 in November, it entered a brutal bear market. Naturally, he did not come close to this goal.
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