Bitcoin ‘price will follow,’ says analyst after historically accurate metric hits new high

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Bitcoin (BTC) has already hit an all-time high this week, according to one price measurement from popular statistician Willy Woo.

In a series of tweets on Oct. 27, Woo added to his recent bullish prognoses on Bitcoin, noting that one valuation of BTC/USD was now higher than ever before.

Woo: “Price will follow” NVT valuation

Woo was referring to Bitcoin’s network value to transactions (NVT) ratio, which aims to suggest when the Bitcoin network is overvalued compared to the actual value of transactions passing through it.

As of Tuesday, Bitcoin’s “organic valuation” based on NVT had crossed $10,000 for the first time.

“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,” Woo commented.

“Price will follow.”

Bitcoin NVT price chart showing all-time high. Source: Willy Woo/ Twitter

BTC challenges $14,000 final resistance

The observation came as BTC price action showed no signs of bearish corrections, rising to highs of $13,850 on Oct. 28 — matching the peak of the 2019 bull run.