Did this one factor change ‘balance of the whole ecosystem’ for Bitcoin – AMBCrypto News

As the market nears the end of a stormy year, experts and influencers are split as to whether Bitcoin will enter a bull or a bear market next year.

To get a more detailed idea, What Bitcoin Did host Peter McCormack checked in with on-chain analyst Willy Woo to ask about price performance and future trends.

McCormack was quick to ask Woo about Bitcoins latest all time high of $67,000 and wondered if he had seen it coming. Woo confirmed he did, butexpressed surprise at the flagship coins recent price performance. Woo said,

I didnt think it would come back and smash through the, you know, below 60 [thousand dollars]. So that was [a] surpriseits so overbought right now its crazy.

Woo pointed to Bitcoin Futures ETF as a cause for the price rally, and noted how the ecosystem had more long-term investors because of it. He explained,

its hard to tell right now because the ETFs [have] changed the balance of the whole ecosystem. And well wait and see but I do think it was overbought. Now its sort of consolidating, so its good and not any kind of concern that the things gonna break down here

However, Woo also said volatility could be expected and noted the macro was super bullish.He announced,

I have no doubt that we are going to break $100,000 in the next run.

When it came to Bitcoin maximalism, McCormack felt that the toxic maximalist could have an important role to play during the transition from inflation-struck, fiat-based economies to those adopting Bitcoin.

Woo also noted how Bitcoin had gone mainstream, but mused,

What is the argument to say that toxicity is going to help this explanation?

Even after McCormacks clarification, Woo stressed respectful attitudes except towards scammers. He added,

I think the toxicity is hurting the credibility of Bitcoin.

McCormack agreed that toxicity wasnt the best choice when it came to dealing with regulators at the state level. However, he insisted that it was all right to show toxicity towards VCs involved in projects like Worldcoin.

Could the king coin ever usurp the king of metals? While golds market cap is often used as an investment standard, investors might now be looking to Bitcoin as an inflation hedge.

For his part, Woo said he thoughtBitcoin was challenging gold butclarified,

I think a lots got to do with fiat, whether or not inflation, you know, kicks in and kicks in hard.a lot of this stuff is just guessing, I think.

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Did this one factor change 'balance of the whole ecosystem' for Bitcoin - AMBCrypto News