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Bitcoin’s new pricing model points to an exponential bull run in a month

June 29, 2020

Earlier this week analyst Willy Woo released a new pricing model for Bitcoin (BTC). The model identifies the start of Bitcoin’s exponential bull runs based on historical data. According to the model, Bitcoin may be only a month away from an official bull market.

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Bitcoin’s price hovered around $ 10,000 in February before the coronavirus pandemic caused the U.S. stock market to abruptly correct itself. At this moment Analysts had expected BTC to withdraw as the price also declined $ 10,500, which is a basic level of resistance.

Surprisingly, the price of Bitcoin quickly dropped below $ 6,000 and eventually fell to an annual low of $ 3,600 on BitMEX. This caused chaos in the cryptocurrency market as over $ 1 billion was leveraged.

Bitcoin’s new pricing model points to an exponential bull run in a monthBitcoin’s new pricing model points to an exponential bull run in a month

According to Woo, Bitcoin was positioned for a bull market before the coronavirus pandemic affected almost all risk markets. Woo’s new model, which marked the start of four previous bull runs, shows that Bitcoin is preparing for another short-term uptrend.

Courting said::

“This is a new model I’m working on. Pick the start of the exponential bull runs. 1) Bitcoin prepared for a climb until the white swan COVID killed the party. 2) This model suggests that we are facing another Approach bull run. Maybe another month. “

    A new Bitcoin pricing model

A new Bitcoin pricing model. Source: Willy Woo

If the price of Bitcoin remains stable for longer, Woo could amplify the next outbreak. Also, Bitcoin has been relatively low in volatility for over a month, defending its $ 9,000 support level.

The analyst continued:

“The later this bull market ends, the higher the maximum price (top cap model). A long band of side accumulation is ultimately a good thing. “

A long period of consolidation below multi-year resistance levels such as $ 10,500 is often seen as a positive factor as this shows that buyers are trying to break through a key level., but there is not enough selling pressure to counteract this.

Additional factors indicate a bull run

Since March, the price of Bitcoin has recovered from less than $ 4,000 without a major correction Along the way, retailers have worked for key support levels of $ 5,800, $ 6,500, $ 8,100 and $ 8,600.

Cryptocurrency trader Nunya Bizniz said that Bitcoin’s market structure remains intact despite the recent declines in Bitcoin’s price performance. The analyst said::

“The upward trend has turned into a more lateral pattern and has seen some declines recently. However, the market structure remains intact. The row of highest lows has not been broken. Does this pattern continue?

Support level Bitcoin has been defending since March

Support levels that Bitcoin has defended since March. Source: Nunya Bizinz

It is important to remember that despite the current corrections Bitcoin’s price remains on the upward trend, even if it moves sideways in a consolidation phase. This convergence of macro-bullish factors and resistance to key Bitcoin support levels increases the likelihood of a strong bull market in the medium and long term.