After losing more than 60% of its value in the past eight months, bitcoin is finally ready to lift its head above water. This is notably what the famous analyst Willy Woo suggests based on the accumulation of BTC during the bear market. Explanations.
A phenomenon that historically coincides with a rise in the price of bitcoin
In L’one of his tweets on July 30, Willy Woo shared a chart showing the curves of bitcoin price development and accumulation from 2010 to date. In particular, he took care to highlight the points marking the end of the various cryptocurrency bear markets on the two curves. The analyst’s objective was in particular to show the link between the rise in accumulation and the end of the bear market and deduce the behavior of the bitcoin price. Although he refrained from drawing conclusions on the subject, his opinion seems clear.
Indeed, analysis of the chart reveals that the intensification of BTC accumulation coincided with the end of the bear market, which corresponded to the start of a bull cycle. This scenario has notably occurred three times according to the graph shared by Willy Woo. The phenomenon would also be on the verge of happening once again, the accumulation curve currently seems to be heading upwards. This beginning of an upward trend, if confirmed, would then mark the end of the bear market that has been raging for months.
With the BTC bear market having shown several signs of false breakouts recently, the restraint shown by the analyst in releasing his chart makes perfect sense. However, its exit comes as a comfort to BTC supporters who insist that BTC is close to a bull cycle since it broke the $23,000 threshold.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.