Similar to the fourth quarter of 2016, Bitcoin price is in the “initial upward phase,” says Willy Woo

Bitcoin (BTC) is copying what it did a year before its all-time high of $ 20,000. And the new bull market has been around for over a year.

That was according to well-known statistician Willy Woo, who talked more about the current Bitcoin price hikes this week.

Woo: Bitcoin’s “initial phase of the upward trend” has recently started

In one Series of tweets from August 10th Woo continued a debate started by Bitcoin developer Jimmy Song, who in turn discussed the problem in the latest installment of his series of Tech Talk blog posts..

Similar to the fourth quarter of 2016, Bitcoin price is in the “initial upward phase,” says Willy Woo
Similar to the fourth quarter of 2016, Bitcoin price is in the “initial upward phase,” says Willy Woo

“Yes. The bull market really started in April 2019Woo replied and continued:

“What started recently is the early stages of the bull market, it’s the fourth quarter of 2016, but there are different dynamics and problems.”

BTC / USD has hit USD 12,000 twice in the past few days and managed to maintain support at USD 11,500 in an expected show of force. This has given many analysts cause for long-term optimism.

Although $ 12,000 was unsupported, Bitcoin is still very bullish, both the mood and the evidence-based technical rationale suggest.

For woo, The composition of the market created a large difference in maturity between this year and 2016, which in the past has determined both price development and volatility.

“”One of the problems is BTC’s legitimacy for large institutional fundsand also easy access to cryptocurrency purchases for the masses using cash, PayPal, and not to mention what I’m working on on LVL, a real crypto-integrated regulated banking business, “he continued.

Woo said he expected SWFs to take Bitcoin during the current bull cycle and continue into the next.

He concluded:

“I think this BTC cycle is proving to be a legitimate macro asset hub for traditional investors, while the cycle after that outperforms gold and is the major digital SoV for the digital age.”

Bitcoin logarithmic growth curves graph

Bitcoin logarithmic growth curve graph. Source: LookIntoBitcoin

The macro inverter sees a ten times higher return in this cycle

The forecast is in line with the macro investor’s conclusions Dan Tapeiro, who predicted that during this bull cycle, Bitcoin would make dramatic gains that would be five to ten times its current value.

“”Tremendous long-term graph of # Bitcoin projects with a return of up to 5-10x on this top “He tweeted, stepping up the price move by five years, and adding:

“Break up NOW. It should take a couple of years as the 2.5 year consolidation is a fantastic base for the catapult. The break from the old heights will have explosive consequences. Time to sit down and be patient. “

His analyst colleague in May Positive Crypto argued that Bitcoin had been in an “accumulation” phase for nearly 900 days and that consolidation would soon breakwhich happened weeks later later.

Meanwhile, a survey by the quantum analyst PlanB uncovered a growing bullish sentiment among investors; More than 50% believe that BTC / USD will trade above $ 100,000 by December 2021.

Bitcoin’s price development was “perfectly on track” compared to the stock-to-flow model.he added earlier.

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