Widely followed on-chain analyst Willy Woo says Bitcoin (BTC) traders shouldn’t expect the current market cycle to end up looking like the 2013 bull run on BTC.
In a new episode of What Bitcoin Did with Peter McCormack, Woo says that the crypto space has a “cycle footprint” in which traders are looking too much at past bull runs to time the current one.
Woo says that some traders might expect Bitcoin to experience something similar to its 2013 mid-cycle dip, in which the flagship cryptocurrency fell nearly 80% before breaking new highs.
“We have this cycle footprint. People are now printing the 2013 cycle now that we have this big dent in the bull market. I think now everyone agrees that it is still a bull market, and now we go back to 2013 …
I am beginning to think that this is not going to happen. In fact, I am taking the side of this being different from everything. I think we will move on from the end of this year, and there is a very good chance that it will not go into a full-blown bear market like we saw in previous cycles, and then people start talking about the extended cycle. theory.”
According to the closely watched analyst, Bitcoin is more likely to experience a random move up with less dramatic spikes and shorter downtrends.
“I think this is going to take a crazy supply and demand spin and the halving has less of an impact. And maybe Michael Saylor is right: there is no top. Just keep wandering and discovering. You may have things we just experienced, mini bear seasons. “
In June, MicroStrategy CEO Michael Saylor outlined a number of catalysts that he believes may boost the price of Bitcoin for years to come.
As for the current state of Bitcoin, Woo names the $ 42,000 level as the key area to break out before BTC can begin to challenge the $ 50,000- $ 60,000 range. As of this writing, Bitcoin is trading at $ 39,120, according to CoinGecko.
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