Have you heard of the Black Swan event? It is a theory that describes a completely unpredictable event that can leave many years of consequences. Trader Willy Woo called the mad slump just as “The Black Swan”.
Trader Willy Woo: Total fear reigns
Bitcoin reached under $ 8,000. The enemy of the digital tender is criticizing its fundamental values. Willy Woo decided to go in a completely different direction and try to apply rational theories to a seemingly irrational time.
On Twitter, he started to look at the cryptocurrency in the short and long term. He identified the unpredictability of the anti-coronavirus measures as the main engine behind the huge wild disintegration of the market.
Cryptocurrencies, commodities and stocks are experiencing very unpleasant days together.
This is a chart of on-chain "investor activity" right now. Long term looks solid. Short term is very weird, normally it's smooth oscillations, not anymore, it's like something hit it (#COVID19?), it's fizzing out. Waiting for this to reverse before we put in a bottom. Maybe soon. pic.twitter.com/uy9gSeE3Ts— Willy Woo (@woonomic) March 10, 2020
Woo then added a few more comments where he admitted his mistake. According to him, the hole is much deeper than it seems. The whole market is experiencing the situation of the Black Swan.
And what do you think? Where will the bottom?