While some analysts are still expecting Bitcoin (BTC) to fall further, it appears that fundamentals and on-chain metrics are starting to imply bulls have the upper hand.<\/p>\n
Adaptive Capital<\/a> partner Willy Woo<\/a> recently noted that on-chain momentum, which the popular analyst has long claimed is correlated with Bitcoin’s macro price trends, is “crossing into bullish” territory after a multi-month downturn.<\/p>\n Woo didn’t give the name of the indicator he was using or the indicator’s details, as “they’re proprietary” to his fund, though the on-chain analyst asserted that investor momentum is starting to turn bullish.<\/p>\n With this in mind, he asserted that the “bottom is most likely in,” meaning that any move lower than the $6,500 plunge “will be just a wick in the macro view.” He added that the unnamed indicator also implies that cryptocurrency investors will start to front-run the impending “halving,” the block reward reduction that will be taking place in May 2020.<\/p>\n On-chain momentum is crossing into bullish. Prep for halvening front running here on in. Can't say what this indicator is, as it's proprietary to @AdaptiveFund, but it tracks investor momentum. The bottom is mostly likely in, anything lower will be just a wick in the macro view. pic.twitter.com\/WqiPRpweUv<\/a><\/p>\n — Willy Woo (@woonomic) December 7, 2019<\/a><\/p><\/blockquote>\n\n