- A few months ago the Bitcoin underwent its third halving in its 11 years of run in the market.
- The March’s Crash had deeply affected the Bitcoin market when it fell down approximately to the $3600 mark.
- The Covid-19 may have devastated many industries but in a way has helped the Bitcoin industry to improve.
Recently, a few months ago the Bitcoin underwent its third halving in its 11 years of run in the market. Normally, the price tends to improve after halving, but this time it’s a bit different because of the ongoing global pandemic that’s going on. On the other hand, the March’s Crash had deeply affected the Bitcoin market when it fell down approximately to the $3600 mark. But since then Bitcoin has done very well to recover from the heavy recession.
Recently, it has been up by almost 120% since Black Thursday. However, this necessarily doesn’t mean that Bitcoin’s growth this year has been steady. Bitcoin has faced equal ups and downs. The Bitcoin price has many times touched the $10000 mark recently which made the analysts think that Bitcoin may be ready for another bullish run. The Covid-19 may have devastated many industries but in a way has helped the Bitcoin industry to improve.
We Are Not Far Away From A Bullish Run
Willy Woo is a Blockchain and Cryptocurrency analyst. He said that the Bitcoin market isn’t that gloomy as it seems and that we are not far away from facing another bullish run. In a recent tweet by Willy Woo:
This is a new model I'm working on, it picks the start of exponential bull runs.
1) Bitcoin was setting up for a bullish run until the COVID white swan killed the party.
2) This model suggests we are close to another bullish run. Maybe another month to go. pic.twitter.com/wmoEdMVywF
— Willy Woo (@woonomic) June 27, 2020
He revealed a model that he was working on, which aimed at picking the starts of the possible exponential bull run of Bitcoin. He further added Bitcoin was gearing up yet for another bullish run when the Covid-19 pandemic ruined it all. However, the model by Willy Woo suggested that we aren’t far away from another bullish run and he also predicted that it could be possible in a month.
Accumulation Of Bitcoin Is A Good Sign
There have been many instances recently which pointed out the accumulation of Bitcoin for the long term and users are tending the world of digital assets. The number of daily active Bitcoin addresses is increasing but they are still not equal to the 2018 mark. On the other hand, the active supply is falling. Near about 10.35 million Bitcoin moved in the last two years whereas only 7.4 million moved in the last year. However, the Bitcoin balances in the crypto exchanges have been decreasing since the Black Thursday. And currently, only 14.3% of the Bitcoin supply is circulating.
Willy Woo explained that accumulation is a good sign because the more time it takes for the bull market to arrive more are the chances of obtaining a high peak in the market prices.