usethebitcoin.com
Cryptocurrency analyst remains bullish about the future of Bitcoin (BTC) despite the price drop that the virtual currency experienced a few days ago. Although the virtual currency could keep falling before resuming its bull trend, Willy Woo considers that stage one of the bull market is completing. After this stage, the second one will begin with promising long sustainable bull drive.
Bitcoin Bull Run Could Start Very Soon
According to Willy Woo, a partner at adaptive fund, the first stage of the bull market is completing. He said that after another crypto user mentioned that there are many individuals in the space commenting negatively about the first major healthy correction and consolidation in the space.
As the first stage is completing, the second stage will begin after it, which is expected to drive Bitcoin to new highs throughout all 2020. Next year, Bitcoin is going to be experiencing a halving event, which will be reducing miners reward from 12.5 BTC to 6.25 BTC. This is very positive for Bitcoin’s price that with a larger demand from the market, the price is expected to grow and expand as well.
Stage 1 of the bull market is completing, once we bottom stage 2 begins promising the long sustainable bull drive that takes us through all of 2020 (if BTC continues its personality). Stage 1 was trader driven dominance squeezing us up and driving fomo. Fomo complete, stage set. https://t.co/zOHDHQBE9o
— Willy Woo (@woonomic) July 28, 2019
Woo has also answered to Peter Schiff, who commented that Bitcoin was a major marketing success for big buyers who entered the market in the early stages. Schiff explained that to really succeed, these large buyers had to dump what they pumped without crashing the price.
About it, Willi Woo commented:
“To Peter’s points, institutional investors are already coming in, I do not believe they are suckers by virtue of needing to understand risk management. The data I see is that old hands (via UTXO age) are distributing coins over time, the capital inrush is more than enough.”
To Peter's points, institutional investors are already coming in, I do not believe they are suckers by virtue of needing to understand risk management. The data I see is that old hands (via UTXO age) are distributing coins over time, the capital inrush is more than enough. https://t.co/gQf8mwY1Rd
— Willy Woo (@woonomic) July 28, 2019
CoinMetrics, a recognized company that analyzes crypto-related and blockchain data, showed that the untouched Bitcoin in different wallets reached the highest number ever recorded. The main suggestion was that Bitcoin is becoming a “store of value” rather than a means of payment.
Finally, the crypto analyst PlanB wrote that when difficulty in Bitcoin’s network drops, it mars the start of a new bull run. He mentioned that difficulty bottoms in December 2011 and 2015 ended up with Bitcoin’s price surging 100x. He ended the tweet saying that Bitcoin could surge to $370,000 if the trend continues.