Adaptive Fund Partner and analyst, Willy Woo predicts that the Bitcoin bull market will undergo three phases. The three phases namely are accumulation, steady climbing phase, and the bullish breakout phase.
May 2020 – The Best Time To Play With Bitcoin
Willy Woo explained that we are undergoing an accumulation phase, which will pave way for the second phase which will witness a steady climb in Bitcoin price with low volatility. He further said that in the present case scenario, Bitcoin will enter the 2nd phase a few months before May 2020 halving. Wherein, a bullish on chain-structure will walk hand in hand with front running. This will be the best time to play with Bitcoin.
He further said that once Bitcoin price crosses $14k, the second phase of the bull market will start. It is likely that it will happen at the starting of 2020. Furthermore, it will be the best time to stake funds in Bitcoin.
He further commented on investor behavior which is largely bearish. While the trends continue to be unperturbed for a long time now, he believes a bullish structure shall be visible by next week. Also, if powered by organic investment, bullish on-chain action can take a month before it ultimately gets reflected in the price.
A look at Bitcoin Price Trends
Bitcoin appears to be nurturing a bullish momentum towards the end of the European session. Further, the Bitcoin price is displaying a triangular pattern.
Tone Vays Suggests A Long-Term Bullish Reversal
Per Tone Vays sequential analysis, the historic break on 25th October signals a long-term bullish reversal. However, it is subject to confirmation with this week’s close.
So I would need to see pretty much $10,000 broken by next week in order to be bullish.
Would Bitcoin price hit $20k by the end of 2020? Let us know, what you think in the comments below!