Bitcoin Still in a Bull Market; Capitulation Already Happened
Willy Woo, a crypto-asset analyst, thinks that Bitcoin remains in a bull market despite the strong drop earlier this year. He attributed BTC’s “wild swings” to cryptocurrency derivatives markets, which can exacerbate volatility due to the nature of the high leverage in these contracts:
His assertion that Bitcoin is in a bull market despite price weakness in the short term has been echoed by many others watching the space, including Raoul Pal of Real Vision.
These commentators assert that the prevailing fundamentals lend to BTC price appreciation as opposed to a retracement.
What’s Next for BTC?
As to what’s next for BTC, Woo is optimistic.
He has been explaining over recent weeks that on-chain trends, which he specializes in, suggests a reversion to the upside:
As he explains, the influx of new users into the Bitcoin space is likely to drive capital into BTC, thus driving up prices.
Woo has also pointed out that there recently was a spike of BTC changing hands on-chain, suggesting an imminent trend reversal.
The analyst made a prediction in late August that the cryptocurrency would drop to the high-$9,000s. He was proven correct just a week later when the asset dropped as low as $9,800.
His forecast coming true again will mean that Bitcoin moves higher from here.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Has Been in a Bull Run Since 2019—and There's More to Come: Analyst
Originally from Bitcoinist.com https://ift.tt/30zdDfF
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