Crypto strategist and influencer Willy Woo says Bitcoin is ready to launch its next exponential bull.
In a viral tweet, Woo tells his 132,000 Twitter followers that the king cryptocurrency was primed to ignite a bullish onslaught in March until Covid-19 “killed the party.” But the on-chain analyst’s new model, which signals the possible start of a new bull cycle, suggests that BTC may begin another bull run in July.
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
Woo says the bull market delay brought about by the pandemic will turn out to be a welcome development for the largest cryptocurrency. He says the long base-building process is serving as rocket fuel for BTC.
“The longer this bull market takes to wind up, the higher the peak price (Top Cap model). A long sideways accumulation band is ultimately a good thing.”
Other analysts are not betting on a big BTC turnaround anytime soon as the king coin struggles to stay above psychological support at $9,000.
Trader NebraskanGooner believes Bitcoin has already printed a local top and is headed for more pain in the near term as the cryptocurrency follows a tried and tested sell-off script known as the Wyckoff distribution schematic.
— NebraskanGooner📈 (@nebraskangooner) June 27, 2020
Meanwhile, trader Pentoshi tells his 15,000 Twitter followers that Bitcoin’s uptrend since March is now over as the most dominant cryptocurrency flashes multiple bearish signals.
“Bitcoin – trend is your friend. It’s been sideways for 58 days (see uptrend stopped). Made a macro lower high at the three-year downtrend line, now making micro lower highs. The new trend is there is you spot it.”