Bitcoin’s price fell significantly this week as the $30,000 price level waved hello to the frantically falling asset. Willy Woo, a popular Bitcoin (BTC) analyst, however, thinks the curtain call for Bitcoin’s overall upward rally has not occurred yet. 

During an interview with podcaster Peter McCormack, posted on the What Bitcoin Did YouTube channel on May 21, Woo talked about a number of points, including Bitcoin’s recent network and price activity, and its current state. Woo noted that many macro indicators point toward price positivity for Bitcoin. “There’s an immense amount of activity on the network between investors compared to the valuation,” Woo said, referring to data from Bitcoin’s NVT ratio, which shows blockchain network activity in relation to market cap.

“We haven’t seen any kind of mania,” Woo continued. “We dumped down from a level which was highly organic — no speculative premium,” he said. “The 2017 top, for example, we were I think 3.8% higher than the organic evaluation.”

“This is just a middle of the bull market derivatives unwind,” Woo said of the current state of Bitcoin. Bitcoin reached around $65,000 in April, based on TradingView data. Subsequently, the asset declined down below $50,000 for a period, recovered above the level for a time, reaching nearly $60,000 before beginning its descent down to the $30,000 range.

“I think it’ll take a bit of time to recover, just from the sheer amount of coins that we dumped out,” Woo said. “I think ultimately, if you look at the network health, this is a good thing,” he said, seemingly referring to the overall situation.

McCormack asked Woo straight: “So it’s not the end of the bull market?” To which Woo responded: “No, not at all.”

Looking at his chart, Woo said price targets and details depend on the days ahead, although he expects Bitcoin’s price to hit levels higher than $100,000 per coin. Woo and McCormack also chatted about a number of other points during the interview.