Bitcoin (BTC) repeats the pattern seen a year before its all-time high of $ 20,000. The new bull market has been around 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 10th 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.”
12000 USD hit
The BTC / USD pair hit $ 12,000 twice in the past few days and was able to hold support at $ 11,500. It was long-awaited proof of its strength that gave many analysts cause for long-term optimism. Although Bitcoin failed to turn $ 12,000 into a support, Bitcoin is still on the uptrend. That is suggested by sentiment and technical fundamentals. Woo sees a huge difference in maturity in the composition of the market between this year and 2016. In the past, maturity has determined price development and volatility.