Under current circumstances, the circa Q4 2016 is the name of the game, as a bitcoin critics Woo says, the institutional investor presence makes this year very unprecedented.
Bitcoin is copying what it did a year before its 20,000-US Dollars all-time highs, and the current bull market has been here for over a year almost.
A famous statistician Willy Woo said that this week sheds further light on BTC’s current price accumulations.
Currently Bitcoin “early main bull phase” commenced:
On Aug. 10, in several tweets, Woo continued during a debate, started by Bitcoin developer Jimmy Song, who himself debated the topic in the latest issue of his blog post series.
Woo replied that the bull market recalled in April 2019:
What’s originated recently is the first main bull phase, it’s Quarter-4, 2016 all over repeatedly, but different dynamics and tunes at play right now.
Has the bull market begun?
As analyzing the 2017 Segwit wars, Ledger security news, Bitcoin-only on the BTC-Pay-Server, other Defi screw-up, Bitcoin dev awards the Bitcoin Cash fork with a cat logo and much more.
To consider this cycle Bitcoin gets to prove itself as a legit macro asset bucket for legendary investors. The cycle after this catches gold to be the significant digital SoV for a digital century. It is Expecting that the sovereign wealth funds to deploy this cycle and next.
Besides the Bitcoin/USD knocked at $12,000 twice in contemporary days, accomplishing to hold support at $11,500 in a long-awaited show of strength that has produced many critics cause for long-term assurance.
Moreover, failing to flip $12,000 to help, Bitcoin persists firmly bullish, both sentiment and technical based evidence recommend.
For Woo, the market composition formed a significant difference in maturity between this year and 2016 maturity, which has historically dictated both price trajectory and volatility.
One of the themes is the legitimization of Bitcoin for significant institutional reserves, and also the easy accessibility to buy crypto for the masses with the likes of square cash and PayPal” he proceeded.
Woo said that he expected sovereign wealth funds to adopt Bitcoin during the current bull cycle, and continue during the next.
10x returns are expected in this cycle predict by the Macro investors:
The macro investor Dan Tapeiro has forecasted that Bitcoin would seal dramatic gains of five to ten times its current value during this bull cycle.
An Enormous long term Log Chart of Bitcoin projects up 5–10x on this series,” he tweeted, uploading a five-year price achievement and continuing:
“Merely breaking up currently. Should last a few years as 2.5 years consolidation is a fantastic base for catapult up. Lapse of old highs will have volcanic follow up. It is time to sit and be steady”.
Additionally, In May 2020, a fellow critic of crypto clarified that Bitcoin had been in an increasing phase for almost three months. At the same time, the consolidation would soon be split, which subsequently happened a couple of weeks later.
While, a survey by quant interpreter Plan-B showed increasing bullish attitude among investors, with above 50 per cent considering that Bitcoin/USD would trade beyond $100,000 at the end of 2021.