Bitcoin Developer Quickly Changes Mind About Bitcoin, Suspects the Value Will Drop More

During the recent Consensus 2018 event earlier in the month, Bitcoin developer Willy Woo stated that the bitcoin is intended to be a valuable blockchain point for the future. However, he has since made another statement about the bitcoin, stating that the value of the currency is going to fall closer to $5,000 in the future.

Woo wrote on social media that he feels the bitcoin will balance in value by a slight bit in the near future, but the currency will start to drop down in value after a while. He does not expect the bitcoin to hold onto the $7,000 value that is moving around.

Woo also states that June will probably be the time with the bitcoin starts to fall further in value. He cites this with the belief that the currency is going to keep on dropping to around the $5,000 mark in the future.

The bitcoin has dropped in value since it was in a five-digit range in recent time. The bitcoin was listed around the $10,000 mark during the late part of February and has declined since then. The currency had gotten to around the $6,000 mark in the earlier part of April and had gotten up to $9,000 a month later. The value has been trending downward since and has been progressively getting lower over time as the value continues to drop further.

The analysis Willy Woo has put into the bitcoin suggests that the currency will break out of its losing pattern in the fall. He states that the drop of the bitcoin has been similar to what happened in 2014 when it went through a few cycles while dropping down in value. He also feels that while the bitcoin might start to drop in more cycles before it moves up in value again, the cycles are not going to last as long as they have in the past.

Although the bitcoin did not have any dramatic drops or rises in the past month, the currency has experienced a progressive drop in its value. The currency has fallen by around a thousand dollars in value since the start of May. The trading volume for the currency has been consistent all this time as well.

In a related story, the bitcoin has experienced a drop in its value in recent time. The decline comes as the value of the currency starts to drop. The fees for the bitcoin are lower right now than what they are for Bitcoin Cash, a rival that was originally promoted as being a low-fee version of bitcoin. In addition, the bitcoin is increasing in its adoption rate, thus making it slightly more accessible to where it becomes easier for people to handle certain transactions.

The bitcoin’s drop in value continues to move forward to this moment. It is uncertain as to how long it will take for the currency to catch back up, but Willy Woo is not confident that there will be any positive changes coming along in the near future over the value in the currency.