RATE Group | Bitcoin Is Still In Midst of Bull Market; Why On-Chain Analysis Suggests So
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Bitcoin Is Still In Midst of Bull Market; Why On-Chain Analysis Suggests So

29 Dec Bitcoin Is Still In Midst of Bull Market; Why On-Chain Analysis Suggests So

Posted at 03:01h in Bitcoin News by

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Since Bitcoin (BTC) started to collapse in July following the multi-month rally from $3,100 to $14,000, investors have been wondering if the cryptocurrency remains in a bull market. According to a prominent on-chain analyst and cryptocurrency fund manager, yes, Bitcoin remains in the midst of a bull market.

Related Reading: Prominent Gold Bull Thinks the Next Recession Will Be Brutal; Bullish for Bitcoin?

It’s Just Re-Accumulation; Bitcoin Remains in Bull Market

According to Willy Woo, partner at cryptocurrency fund Adaptive Capital and a noted on-chain analyst, his indicators which track investor activity — correlated closely with market cycles — are showing clear signs that Bitcoin is not in a bear market.

Rather, as Woo continued in the tweet, the indicators suggest that BTC is in the midst of a “re-accumulation” phase of bull markets that always proceeds the blow-off top rally, one that brings Bitcoin an order of magnitude or two higher than where it started.

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