Bitcoin (BTC) is duplicating what it did the year before the all-time high of $20,000, and the new bull market has existed for more than a year.

This is according to the popular statistician Willy Woo, who further explained the current price increase of Bitcoin this week.

Woo: Bitcoin’s “early major bull market phase” recently started in a series of tweets on August 10. Woo continued the debate with Bitcoin developer Jimmy Song, who himself was in the latest installment of his Tech Talk blog post series where the topic was debated.

“Yes. Woo responded that the bull market actually started in April 2019, and he continued: “What started recently is the early major bull market phase. It reappeared in the fourth quarter of 2016, but the dynamics and themes are changing.  “BTC/USD has touched US$12,000 twice in recent days and managed to maintain support at US$11,500. This is a long-awaited display of strength, which has given many analysts a long-term optimistic view. Despite confidence and based on technical fundamentals The evidence shows that despite the failure to reverse the $12,000 support level, Bitcoin remains bullish.

For Woo, the composition of the market has formed a major difference in maturity between this year and 2016-maturity history has determined price movements and volatility.

“One of the themes is the legitimisation of BTC for large institutional funds, and also the easy accessibility to buy crypto for the masses with the likes of square cash, paypal, and not to mention the one I’m working on LVL which is real regulated banking integrated with crypto,” he continued.

Woo stated that he hopes that sovereign wealth funds will adopt Bitcoin in the current bull market cycle and continue to adopt Bitcoin in the next cycle.

He concluded: “I think that BTC in this cycle can prove that it is the legitimate macro asset reserve of traditional investors, and in the subsequent cycles, it has surpassed gold and has become an important digital SoV in the digital age.” Macro investors are optimistic. The 10-fold return of this cycle macro investor Dan Tapeiro’s conclusion is consistent with the prognosis. He predicts that Bitcoin will achieve a substantial increase of five to ten times its current value in this bull market cycle.

He wrote on Twitter: “#Bitcoin’s long-term long-term logarithmic chart is expected to rise by 5-10 times,” he uploaded five years of price performance and added: “Break up now. It should last for a few years, because 2.5 The annual merger is an excellent basis for ejection. Breaking the old high will have an explosive continuation. It’s time to sit down and be patient.” In May of the same year, fellow analyst Positive Crypto believed that Bitcoin has actually been in the “accumulation” stage for nearly 900 days- and that the consolidation would soon be broken, which subsequently happened weeks later.

At the same time, a survey conducted by quantitative analyst PlanB shows that bullish sentiment among investors is increasing, and more than 50% of people believe that the trading price of BTC/USD will exceed $100,000 by December 2021. He previously added that Bitcoin’s price movement is “on track” relative to his inventory-flow model.

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2020-08-11