Bitcoin is repeating its pattern from Q4 2016, Woo said. But the presence of institutional investors makes a clear difference. Bitcoin (BTC) repeats the pattern seen a year before its all-time high of $ 20,000. The new bull market has been in place for over a year. This is the conclusion of the popular statistician Willy Woo, who this week took another closer look at the growth of Bitcoin.
Woo: Bitcoin “early bull phase” has recently started
On Twitter, Woo spoke up on August 10 in a debate started by Bitcoin developer Jimmy Song. He addressed the topic in the latest edition of his Tech Talk blog series.”Yes. The bull market actually started in April 2019,” Woo replied. He further stated: “The early main bull phase recently started. We’re back in Q4 2016, but other dynamics and motives play a role.”
Macro investors are hoping for a 10x return this cycle
The forecast is in line with the conclusions of macro investor Dan Tapeiro. He predicted that Bitcoin would achieve dramatic growth of five to ten times this bull cycle.
“Tremendous long-term log chart of the #Bitcoin projects rising 5 to 10 times this run,” he tweeted. In doing so, he uploaded a five-year price trend and added: “It’s just beginning. Should last a few years as a 2.5 year consolidation is a fantastic foundation for a steep climb. Breaking past highs will have explosive consequences. Time to wait and have tea.”