Willy Woo, an on-chain analyst, forecasts a $200,000 price for Bitocin by the end of the year.

Willy Woo, a well-known on-chain expert, has decreased his bitcoin price forecast to $200,000 by the end of the year, believing the flagship cryptocurrency's upward trend has slowed.

Woo made the altered price estimate while chatting with Rafael Schultze-Kraft, the creator of on-chain market analytics startup Glassnode, on the Unchained podcast, as first reported by Daily Hodl. Woo stated on the show that BTC's recent drop from an all-time high of $64,000 to $30,000 did not appear to be the start of a bear market.

Woo, on the other hand, believes the cryptocurrency's price would rise in the near future. The downturn, on the other hand, had an impact on his year-end price projection, which he reduced from $300,000 to $400,000. He stated, "

Near the end of the year, [Bitcoin] appeared to be on its way to $300, $400, and even $500,000. It's now starting to go off course. It appears that it will easily exceed $200,000 in value. It might exceed $300,000, but we'll have to wait and see.

 Despite the recent price adjustment, Schultze-Kraft believes bitcoin's network activity suggests that the cryptocurrency is still in a positive trend, according to the podcast. According to Schultze-Kraft, there isn't much evidence pointing to a bear market in the coming months, so he feels we've merely seen a major correction.

He noted that while he believes "the downside risk is very, very tiny right now," he "wouldn't be shocked if we experience another burst of agony" before the price rebounds and the bull market pattern continues.

It's worth noting that bitcoin's price has risen from a low of $32,000 this week to $39,000 at press time, indicating that it's about to retest the $40,000 barrier. After Tesla CEO Elon Musk said the electric vehicle manufacture was ceasing BTC payments due to environmental concerns, BTC's price fell below $40,000 in mid-May.

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