Bitcoin value in Nigeria surges as cash-free society initiative expands
The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
Willy Woo, Bitcoin analyst and cryptocurrency enthusiast, believes that Bitcoin has already seen a record high this week and that the price will soon follow.
In a Bitcoin price is heading for an all-time high record before long.
While we wait for BTC post an all-time-high, both on the monthly chart of $14k and the 20k prior top. I’ll point out that the organic valuation under NVT Price from underlying long term investors is already at an all-time-high. Price will follow. pic.twitter.com/s5uVN5EtM2
— Willy Woo (@woonomic) October 27, 2020
Woo’s estimation that the NVT ratio at present suggests that the Bitcoin network is over-valued in comparison to the actual value of the transactions through it. The organic transaction value, based on the NVT metric saw the price tag surpassing $10,000 USD for the first time earlier this week.
Bitcoin hitting unchartered territory
Woo further added that this means that there is no historic data to compare to, given this is an unprecedented time. As a result, he explained that any suggestion or prediction cannot be called “not valid“.
“In markets when all-time-highs are broached, there’s no prior history to go back on, so price discovery swings wildly upward exploring different levels as there’s no history to say “that’s not valid”.”
Despite the lack of historic data for this all-time high NVT metric, Woo believes Bitcoin price is ready for an all-time high. The last time was in 2017 where Bitcoin hit just over $20,000 USD. Should Woo’s prediction stand true, Bitcoin’s value will gain an enormous increase of over 43% within the next phase of its cycle.