Despite an unprecedented global pandemic that has wreaked havoc on major economies of the world, the cryptocurrency markets have been heating up in recent months.
According to widely-followed analyst Willy Woo, bitcoin is currently mirroring its performance in the fourth quarter of 2016 just before it raced to its current all-time high of $20,000. Woo explained that a new bull market for crypto is already underway.
It’s Q4 2016 All Over Again
After the last bull market in 2017, crypto enthusiasts and experts alike have been calling for another bull market for the longest time. According to Willy Woo, the second bull market actually started in April 2019. Woo made this comment while responding to a tweet by bitcoin developer and educator Jimmy Song, who recently wrote a detailed article discussing when a new bull market starts.
Bitcoin has been quite bullish over the past couple of weeks. The flagship cryptocurrency has tested the $12,000 level twice already in the past couple of days. Although it has been unable to keep its head above that level, fundamental and technical factors suggest underlying strength.
For Woo, the uptrend witnessed recently is the “early main bull phase” — just like in Q4 2016 before the last bull market. Woo, however, pointed out that the dynamics at play are quite different this time.
Notably, Wiliams is far from being the only bull in the room. A recent Twitter survey conducted by quant analyst PlanB (the creator of the BTC stock-to-flow model) indicated that 51% of the investors believe bitcoin will be valued at over $100,000 before December 2021.
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