Prominent Analyst: Bitcoin is Still in the Middle of a Bear Market36.41

An inverse monetary velocity pattern indicates that bitcoin bulls are wrong about the market’s next bull run.

Willi Woo, a prominent cryptocurrency market analyst, pitted the digital currency network value (or market cap) against the daily US Dollar volume transmitted through the blockchain. A proportion between the two equated into Bitcoin Network-to-Value (Bitcoin NV) Ratio, similar to P/E ratio used in equity markets.  A high Bitcoin BV indicates that the net value is exceeding the sum that is getting transmitted to Bitcoin’s payment network. It alternatively means that investors get inside an unsustainable bubble.

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