Popular on-chain analyst Willy Woo has lowered his bitcoin price prediction to $200,000 by the end of the year as he believes the flagship cryptocurrency’s upward trajectory has started reducing.

Woo’s revised price prediction came while speaking to the founder of on-chain market intelligence firm Glassnode Rafael Schultze-Kraft during the Unchained podcast, as first reported by Daily Hodl. During the podcast, Woo argued that BTC’s recent crash from a $64,000 all-time high to $30,000 did not appear to be the start of a bear market.

Instead, Woo noted he saw the price of the cryptocurrency rebound in the near future. The correction, however, affected his year-end price prediction, which he lowered from the $300,000 to $400,000 range. He said:

[Bitcoin] was starting to look like it was winding up to $300K, $400K even $500,000 near the end of this year. Now it’s starting to reduce its trajectory. It looks like it’ll comfortably reach $200,000. It might reach $300,000, but we have to see how that develops.

Schultze-Kraft said during the podcast he believes bitcoin’s network activity shows that the cryptocurrency is still in a bullish trend, despite the recent price correction. Per Schultze-Kraft, not a lot of data points to a bear phase over the next few months and as such he believes we just endured a large correction.

He added he feels “that the downside risk right now is very, very small, but I still wouldn’t be very surprised if we get another burst of pain” before the price recovers and the bull market trend resumes.

It’s worth noting the price of bitcoin moved from a $32,000 low this week to $39,000 at press time, and is seemingly getting ready to retest the $40,000 mark.  BTC’s price dropped below the $40,000 mark in mid-May after Tesla CEO Elon Musk revealed the electric car maker was halting BTC payments over environmental concerns.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Featured image via Pexels