Exponential Bitcoin Bull Market Is Yet To Commence, Notes Crypto Analyst Willy Woo
In Brief
Willy Woo noted that the anticipated exponential BTC bull market has not commenced according to the BTC price ratio model.
Cryptocurrency analyst Willy Woo shared a post on the social media platform X, indicating that the anticipated exponential BTC bull market has not commenced according to the Bitcoin (BTC) price ratio model.
He further noted that the alterations relative to the Bitcoin halving suggest that the ongoing cycle could be structurally similar to a combination of the 2013 cycle, characterized by strong demand, and the 2017 cycle, dominated by spot trading. Additionally, Willy Woo mentions 2020, marked by regulatory measures significantly impacting derivatives trading.
Willy Woo highlighted that the BTC price model he unveiled is a comprehensive synthesis of three distinct price models, comprising the VWAP price based on on-chain “investor” transaction volume, realized price representing cost basis, and CVDD price reflecting veteran selling, commonly referred to as the “bottom” model.
Bitcoin is currently trading at slightly over $66,000, marking a 1.70% increase over the past 24-hour period, according to data from CoinMarketCap. This upward trend has persisted since last Friday. Meanwhile, its trading volume has risen by 4.92% to $23.31 billion within the last 24 hours. Additionally, the cryptocurrency’s market capitalization currently stands at $1.29 trillion.
Bitcoin Halving: Miners’ Rewards Reduced, Market Awaits Price Response
Bitcoin witnessed its fourth halving last weekend, reducing miners‘ block subsidy rewards from 6.25 BTC to 3.125 BTC.
Market sentiment surrounding the long-anticipated event was notably positive until about a week ago, with numerous analysts expecting a price surge shortly after its finalization. This positivity was partly fueled by Bitcoin surpassing its cycle high in 2021, even before the halving. In mid-March, BTC reached a new all-time high of over $73,000, drawing heightened interest from institutional and retail investors.
Bitcoin has historically demonstrated significant price increases in the six months following each halving event. There is a lot of anticipation about how the Bitcoin price will respond to the halving this time. The market cycle may be starting earlier, however, the recorded data indicates that the conclusion of the previous cycle has not been reached yet.
As per John Glover, formerly a Managing Director at Barclays Bank and currently the CIO at Ledn, while many are concentrating on the historical effects of halvings on BTC price, there’s little discussion about how long this typically takes to materialize. After each halving, peak prices have been observed between 10 and 16 months after the event. The crucial factor here is patience, though it’s often observed that individuals rarely allow their profits to grow.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
