cryptogazette.com
Bitcoin has been gaining massive popularity in 2020 and 2021, despite the world crisis in the middle of which we are.
Important analyst Willy Woo recently said during an interview that the bull and bear cycles will become a thing of the past for Bitcoin.
Woo said that the typical four-year cycles that most analysts observe in Bitcoin will be replaced by a “drunken walk” upward. This would be much like the S&P 500 or other major stock indices.
“The schedule really is for this bull market to peter out around December onwards, and currently, the on-chain data is saying otherwise…”
He continued and explained the following:
“Now that we’re approaching our fourth quarter the data looks quite different from any cycle we’ve seen before, and people keep thinking that we’ll template this bull/bear cycle to past ones and if you’d look on-chain structurally, everything looks different…”
Woo also said that “it’s a fair chance that we’ll not go into what we think which is a traditional Bitcoin bear market, which generally is a huge retrace of maybe 80% of its value.”
He also addressed the maturity of the crypto market and the impact of the parts of demand and supply from the ecosystem.
Bitcoin levels investors should watch
Regarding the price of BTC, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $47,936.79.
Crypto trader Scott Melker is analyzing how the price of Bitcoin may move over the coming days and weeks.
He just said that BTC will likely face strong resistance just above the $50,000 level.
He explained that the resistance level coincides with a key Fibonacci indicator number.
“As I said for a long time, $50,493 is 23.6% [Fibonacci] retracement. That’s of the entire move up from $3,800 to $65,000. That’s going to likely be strong resistance, we’re seeing that right now.”
Melker said that after rallying for five consecutive weeks, Bitcoin could correct once it finds resistance.