Bitcoin is still in early stages of a massive bull run according to Willy Woo, a popular Bitcoin strategist and statistician. According to him, this is not a new phenomenon as well as the cryptocurrency has been in this phase for over a year and is mimicking the behaviour it showed back in 2016-17 when it ultimately led to the last known major bull run.
Bitcoin has been in somewhat of a crypto winter for some time ever since it reached $20,000 in January 2018. The downward trend saw prices reduce massively to $2800 hardly a year later and since that low was achieved, it has been a game of hide and seek between the bulls and the bears. Despite several price rallies to as high as $13.5k, the cryptocurrency tanked again and again, thus causing a doubt over the long-term future of the premier cryptocurrency.
However, a recent increase to around $11.8k has fuelled the debate yet again whether the market has turned bullish or not. Willy Woo and many other traders believe that the market is in the early stages of a latest bull run and that will be confirmed in the coming months. However, Woo goes one step further and claims that the market has been so for quite some time, over a year in fact.
The debate was started by Jimmy Song, another cryptocurrency influencer. Woo joined in through a series of tweets and gave his two cents on the matter.
Yes. The bull market really started April 2019…., What’s started recently is the early main bull phase, it’s Q4 2016 all over again, but different dynamics and themes at play.”
Furthermore, Woo and a few other statisticians and traders have pointed out that the same behaviour was experienced by Bitcoin back in 2016-17 before the bull run actually took over and changed the cryptocurrency sector forever. Due to this positive outlook, he believes Bitcoin’s price index will rise progressively in the future.
Woo has also predicted major adoption of the cryptocurrency and believes that several major sovereign wealth funds will invest in the cryptocurrency to gain leverage from it. The behaviour is expected to continue in the next bull cycle as well, whenever it is experienced.
Image source: pixabay.com
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