Willy Woo: 95% chance that bear market has bottomed out

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.”