Bitcoin’s price is in the „initial up phase“ similar to Q4 2016, says Willy Woo
Bitcoin (BTC) is copying what it did a year before its record highs of USD 20,000, and the new bull market has been in place for over a year.
That was according to popular statistician Willy Woo, who this week talked more about the current gains in the price of Bitcoin.
Woo: Bitcoin’s „Initial Rally Phase“ Started Recently
In a series of tweets on August 10, Woo continued a discussion initiated by Bitcoin developer Jimmy Song, who in turn discussed the topic in the latest issue of his Tech Talk blog series.
„Yes, the bull market really started in April 2019,“ Woo responded, and continued:
„What has started recently is the initial phase of the bull market, it’s the fourth quarter of 2016, but there are different dynamics and themes at play.“
Bitcoin price increases at the same time as central banks‘ balance sheets
The BTC/USD reached 12,000 USD twice in the last few days, managing to keep support at 11,500 USD in an expected show of strength that has given many analysts cause for optimism in the long term.
Although the USD 12,000 has not become supportive, Bitcoin remains firmly up, both the sentiment and the evidence-based technical fundamentals suggest.
For Woo, the composition of the market has formed a large maturity gap between this year and 2016, a maturity that has historically dictated both price trajectory and volatility.
„One of the issues is the legitimacy of BTC for large institutional funds, and also the easy access to buying cryptosystems for the masses with the tastes of square cash, paypal, and not to mention the one I am working on at LVL, which is the true regulated bank integrated with cryptosystems,“ he continued.
Woo said he expected sovereign wealth funds to adopt Bitcoin during the current bullish cycle, and to continue during the next.
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„I believe that this BTC cycle comes to prove itself as a legitimate macro asset cube for traditional investors, while the cycle after that surpasses gold to be the significant digital SoV for the digital age.“
The macroinverter sees 10 times more performance in this cycle
The forecast coincides with the conclusions of macro-investor Dan Tapeiro, who predicted that Bitcoin would seal dramatic gains of five to ten times its current value during this upward cycle.
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„Tremendous long-term record table of Bitcoin System projects up to 5-10x return on this rise,“ he tweeted, raising a five-year price performance and adding:
„Just breaking NOW. It should last a few years as the 2.5 year consolidation is a fantastic base for the catapult. Breaking the old highs will have an explosive following. It’s time to sit down and be patient.“
In May, fellow analyst Positive Crypto argued that Bitcoin had been in a „build-up“ phase for nearly 900 days, and that the consolidation would soon break down, which subsequently occurred weeks later.
Meanwhile, a survey by Quantum analyst PlanB revealed growing bullish sentiment among investors; more than 50% believe that BTC/USD will trade above USD 100,000 by December 2021.
Bitcoin’s stock price was „perfectly on track“ relative to its stock-to-flow model, he added earlier.