Q4 2016 is the name of the game under current conditions, Woo says, but institutional investor presence makes this year very different. Bitcoin (BTC) is copying what it did a year before its $20,000 all-time highs, and the new bull market has been here for over a year already.
That was according to popular statistician Willy Woo, who this week shed further light on Bitcoin’s current price gains.
Woo: Bitcoin “early main bull phase” began recently
In a series of tweets on Aug. 10, Woo continued a debate begun by Bitcoin developer Jimmy Song, who himself debated the topic in the latest issue of his Tech Talk blog post series.
“Yes. The bull market really started April 2019,” Woo responded, continuing: “What’s started recently is the early main bull phase, it’s Q4 2016 all over again, but different dynamics and themes at play.”
BTC/USD hit $12,000 twice in recent days, managing to hold support at $11,500 in a long-awaited show of strength that has given many analysts cause for long-term optimism.
Despite failing to flip $12,000 to support, Bitcoin remains firmly bullish, both sentiment and technical fundamentals-based evidence suggests.
For Woo, the composition of the market formed a major difference in maturity between this year and 2016 — maturity which has historically dictated both price trajectory 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 said that he expected sovereign wealth funds to adopt Bitcoin during the current bull cycle, and continue during the next.
He concluded: “I think this cycle BTC gets to prove itself as a legit macro asset bucket for traditional investors, while the cycle after this it overtakes gold to be the significant digital SoV for a digital age.”
The prognosis chimes with conclusions made by macro investor Dan Tapeiro, who predicted that Bitcoin would seal dramatic gains of five to 10 times its current value during this bull cycle.
“Tremendous long term Log Chart of #Bitcoin projects up 5–10x on this run,” he tweeted, uploading a five-year price performance and adding: “Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.”
In May, fellow analyst Positive Crypto argued that Bitcoin had in fact been in an “accumulation” phase for almost 900 days — and that the consolidation would soon be broken, which subsequently happened weeks later.
Meanwhile, a survey by quant analyst PlanB revealed increasing bullish sentiment among investors, with over 50% believing that BTC/USD would trade above $100,000 by December 2021.
Bitcoin’s price action was “perfectly on track” vis-a-vis his stock-to-flow model, he added previously.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||87.2%||11||$23 363.14||-0.03%||-2.65%||$446 823 684 066|
|2||ETH||Ethereum predictions||75.2%||54||$1 868.52||1.92%||-0.51%||$227 993 947 896|
|3||USDT||Tether predictions||94.4%||1||$0.999977||-0.01%||-0.04%||$67 547 880 122|
|4||USDC||USD Coin predictions||95.6%||1||$0.999951||0.01%||0.01%||$52 853 692 355|
|5||BNB||Binance Coin predictions||70.4%||61||$303.33||-1.00%||-6.38%||$48 938 685 508|
|6||XRP||XRP predictions||89.2%||10||$0.378717||0.24%||-0.28%||$18 700 123 577|
|7||BUSD||Binance USD predictions||92%||1||$0.999950||0.02%||0.01%||$18 538 747 093|
|8||ADA||Cardano predictions||84.8%||27||$0.528389||-1.39%||-0.64%||$17 930 371 507|
|9||SOL||Solana predictions||80.8%||32||$40.86||0.98%||-4.45%||$14 252 057 103|
|10||DOGE||Dogecoin predictions||84.8%||29||$0.077619||-3.50%||9.27%||$10 297 802 123|
|11||STETH||Lido stETH predictions||92.8%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|12||HEX||HEX predictions||70.4%||62||$0.055681||-5.02%||-9.31%||$9 655 716 850|
|13||DOT||Polkadot predictions||75.2%||51||$8.39||-0.08%||-8.83%||$9 297 483 290|
|14||SHIB||SHIBA INU predictions||76.4%||44||$0.000014||-4.14%||15.33%||$7 806 235 316|
|15||MATIC||Polygon predictions||82%||24||$0.893855||1.02%||-2.98%||$7 188 492 292|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.