Bitcoin ‘value will comply with,’ says analyst after traditionally correct metric hits new excessive

Bitcoin (BTC) has already hit an all-time excessive this week, in accordance with one value measurement from standard statistician Willy Woo.

In a series of tweets on Oct. 27, Woo added to his current bullish prognoses on Bitcoin, noting that one valuation of BTC/USD was now greater than ever earlier than.

Woo: “Worth will comply with” NVT valuation

Woo was referring to Bitcoin’s network value to transactions (NVT) ratio, which goals to counsel when the Bitcoin community is overvalued in comparison with the precise worth of transactions passing by it.

As of Tuesday, Bitcoin’s “natural valuation” based mostly on NVT had crossed $10,000 for the primary time.

“Whereas we anticipate BTC publish an all-time-high, each on the month-to-month chart of $14ok and the 20ok prior prime[,] I will level out that the natural valuation underneath NVT Worth from underlying long run traders is already at an all-time-high,” Woo commented.

“Worth will comply with.”

Bitcoin NVT value chart displaying all-time excessive. Supply: Willy Woo/ Twitter

BTC challenges $14,000 ultimate resistance

The remark got here as BTC value motion confirmed no indicators of bearish corrections, rising to highs of $13,850 on Oct. 28 — matching the height of the 2019 bull run.