Bitcoin needs another month to build up technical strength and make a bullish breakthrough. The analyst Willy Woo is sure of this, who introduced the new Bitcoin price movement model. What factors will push the price of Bitcoin up, and why the current sluggishness of BTC is a good sign?
When will Bitcoin enter the new Bullish phase?
Willy Woo is sure that at the beginning of 2020, Bitcoin was already ready for the bull run, since in February, the crypto asset was trading in the price region of $10,000 and showed signs of growth. But the spread of the pandemic made significant adjustments to the market dynamics of Bitcoin and pushed the bull run for a long time.
In March, hard times came for Bitcoin: a drop in the exchange rate to a minimum of $3,600, mass sales weakened the position of the flagship cryptocurrency for a while. Despite the current sluggish price movement of Bitcoin, Willy Woo is confident that Bitcoin is on the verge of a bullish breakthrough. The analyst noted:
“The Bitcoin pricing model shows that we are close to a new uptrend. Bull Run Bitcoin can start in 30 days.“
Willy Woo also assesses the consolidation of Bitcoin in the price region of $9,500 as a positive trend. He is confident that the crypto asset prepares a solid foundation in case the price reverses back. In his opinion, the current consolidation of BTC may become a driver for reaching a peak price. Willy Woo noted:
“The current movement of the price of Bitcoin in a sideways trend in the future may play a role in the cryptocurrency. Now Bitcoin is in the accumulation phase when the pressure from the sellers remains insignificant.”
Bitcoin side pattern as preparation for bull run
The recovery of pre-crisis market indicators of Bitcoin is considered by many traders as a return to the previously planned bullish scenario. Bitcoin was able to step by step overcome key support levels from $4,000 and above and gain a foothold in the price area that reached in February 2020.
In particular, trader Nunya Bizniz believes that the March crisis could not radically affect the structure of the cryptocurrency market.
“Despite the Bitcoin crash in March, we did not see testing of the lowest levels of support, since the crypto asset recovered relatively quickly. Thus, Bitcoin continues to move within the framework of the uptrend model.”
Analyzing the current market indicators of Bitcoin, experts see a positive trend: long-term price consolidation in the region just below $10,000 may become a solid foundation for the bull market shortly.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.