{"id":409089,"date":"2020-12-29T00:45:51","date_gmt":"2020-12-29T00:45:51","guid":{"rendered":"https:\/\/wncen.com\/?p=409089"},"modified":"2025-06-11T13:35:55","modified_gmt":"2025-06-11T13:35:55","slug":"bitcoin-midst-bull-market-on-chain-analysis-suggests","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-midst-bull-market-on-chain-analysis-suggests\/","title":{"rendered":"Bitcoin Is Still In Midst of Bull Market; Why On-Chain Analysis Suggests So"},"content":{"rendered":"<p>Since Bitcoin (BTC) started to collapse in July following the multi-month rally from $3,100 to $14,000, investors have been wondering if the cryptocurrency remains in a bull market. According to a prominent on-chain analyst and cryptocurrency fund manager, yes, Bitcoin remains in the midst of a bull market.<\/p>\n<h6 style=\"text-align: center\">Related Reading:\u00a0<a href=\"https:\/\/wncen.com\/2019\/12\/22\/prominent-gold-bull-thinks-the-next-recession-will-be-brutal-bullish-for-bitcoin\/\" data-wpel-link=\"internal\">Prominent Gold Bull Thinks the Next Recession Will Be Brutal; Bullish for Bitcoin?<\/a><\/h6>\n<h2>It&#8217;s Just Re-Accumulation; Bitcoin Remains in Bull Market<\/h2>\n<p>According to Willy Woo, partner at cryptocurrency fund Adaptive Capital and a noted on-chain analyst, his indicators which track investor activity \u2014 correlated closely with market cycles \u2014 are showing clear signs that Bitcoin is <em>not<\/em> in a bear market.<\/p>\n<p>Rather, as Woo <a href=\"https:\/\/twitter.com\/woonomic\/status\/69428992\" rel=\"nofollow\">continued<\/a> in the tweet, the indicators suggest that BTC is in the midst of a &#8220;re-accumulation&#8221; phase of bull markets that always proceeds the blow-off top rally, one that brings Bitcoin an order of magnitude or two higher than where it started.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Are we in a <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> bear market?<\/p>\n<p>No, we are in the re-accumulation phase of a bull market. <a href=\"https:\/\/t.co\/OcMyxA4EIY\" rel=\"nofollow\">pic.twitter.com\/OcMyxA4EIY<\/a><\/p>\n<p>&mdash; Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/69428992?ref_src=twsrc%5Etfw\" rel=\"nofollow\">December 28, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>History repeating per Woo&#8217;s analysis will mean Bitcoin will burst higher by the second half of 2020, meaning BTC is likely to set new all-time highs a few months or a year after that.<\/p>\n<p>Woo&#8217;s latest analysis comes shortly after the prominent trader remarked that Bitcoin&#8217;s on-chain momentum, per his fund&#8217;s proprietary indicators, is<a href=\"https:\/\/wncen.com\/2019\/12\/07\/bitcoin-on-chain-momentum-bullish-traders-price-higher\/\"> &#8220;crossing into bullish\u201d territory<\/a> after a multi-month downturn.<\/p>\n<p>With this in mind, he asserted that the \u201c<a href=\"https:\/\/wncen.com\/2019\/12\/24\/high-likelihood-bitcoin-bottom-came-6400-heres-why\/\">bottom is most likely in<\/a>,\u201d meaning that any move lower than the $6,500 plunge \u201cwill be just a wick in the macro view.\u201d He added that the unnamed indicator also implies that cryptocurrency investors will start to front-run the impending \u201chalving,\u201d the block reward reduction that will be taking place in May 2020.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2019\/12\/28\/federal-reserve-record-report-validates-bitcoin\/\"> Federal Reserve\u2019s Record $235 Billion Repo Intervention Validates Bitcoin<\/a><\/h6>\n<h2><strong>Bullish Leg Up On the Horizon<\/strong><\/h2>\n<p>It isn&#8217;t only Woo who is suggesting that Bitcoin&#8217;s next bullish leg up is on the horizon.<\/p>\n<p>A trader going by <a href=\"https:\/\/twitter.com\/888Velvet?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E73186562&amp;ref_url=https%3A%2F%2Fwncen.com%2F2019%2F12%2F19%2Fhow-bitcoin-price-could-hit-20000-march-analyst-explains%2F\" rel=\"nofollow\">Velvet<\/a>, <a href=\"https:\/\/wncen.com\/2019\/12\/23\/analyst-sundays-jump-expects-bitcoin-hit-20000-march\/\">who called the bullish reversal on December the 22nd<\/a>, recently stated that he believes Bitcoin \u201c<a href=\"https:\/\/wncen.com\/2019\/12\/19\/how-bitcoin-price-could-hit-20000-march-analyst-explains\/\">could see $20,000 by March<\/a>,\u201d referencing the fact that prior to previous halvings, BTC always surged, rallying higher on the expectation that a negative supply shock would hit the market.<\/p>\n<p>Just look to the chart below from the analyst, which exemplifies that BTC is showing signs that it will soon undergo a second mark-up rally ahead of May 2020&#8217;s halving.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/EMGqb5RVAAERSF9.jpg:large\" width=\"821\" height=\"463\"><\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/12\/28\/fund-manager-thinks-bitcoin-rally-25-9000-one-month\/\">Why a Fund Manager Thinks Bitcoin Will Rally 25% to $9,000 In One Month<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Since Bitcoin (BTC) started to collapse in July following the multi-month rally from $3,100 to $14,000, investors have been wondering if the cryptocurrency remains in a bull market. According to a prominent on-chain analyst and cryptocurrency fund manager, yes, Bitcoin remains in the midst of a bull market. Related Reading:\u00a0Prominent Gold Bull Thinks the Next Recession Will Be Brutal; Bullish for Bitcoin? It&#8217;s Just Re-Accumulation; Bitcoin Remains in Bull Market According to Willy Woo, partner at cryptocurrency fund Adaptive Capital and a noted on-chain analyst, his indicators which track investor activity \u2014 correlated closely with market cycles \u2014 are showing clear signs that Bitcoin is not in a bear market. Rather, as Woo continued in the tweet, the indicators suggest that BTC is in the midst of a &#8220;re-accumulation&#8221; phase of bull markets that always proceeds the blow-off top rally, one that brings Bitcoin an order of magnitude or two higher than where it started. Are we in a $BTC bear market? No, we are in the re-accumulation phase of a bull market. pic.twitter.com\/OcMyxA4EIY &mdash; Willy Woo (@woonomic) December 28, 2019 History repeating per Woo&#8217;s analysis will mean Bitcoin will burst higher by the second half of 2020, meaning BTC is likely to set new all-time highs a few months or a year after that. Woo&#8217;s latest analysis comes shortly after the prominent trader remarked that Bitcoin&#8217;s on-chain momentum, per his fund&#8217;s proprietary indicators, is &#8220;crossing into bullish\u201d territory after a multi-month downturn. With this in mind, he asserted that the \u201cbottom is most likely in,\u201d meaning that any move lower than the $6,500 plunge \u201cwill be just a wick in the macro view.\u201d He added that the unnamed indicator also implies that cryptocurrency investors will start to front-run the impending \u201chalving,\u201d the block reward reduction that will be taking place in May 2020. Related Reading: Federal Reserve\u2019s Record $235 Billion Repo Intervention Validates Bitcoin Bullish Leg Up On the Horizon It isn&#8217;t only Woo who is suggesting that Bitcoin&#8217;s next bullish leg up is on the horizon. A trader going by Velvet, who called the bullish reversal on December the 22nd, recently stated that he believes Bitcoin \u201ccould see $20,000 by March,\u201d referencing the fact that prior to previous halvings, BTC always surged, rallying higher on the expectation that a negative supply shock would hit the market. Just look to the chart below from the analyst, which exemplifies that BTC is showing signs that it will soon undergo a second mark-up rally ahead of May 2020&#8217;s halving. Related Reading: Why a Fund Manager Thinks Bitcoin Will Rally 25% to $9,000 In One Month Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":402407,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1020,38143,14602],"class_list":["post-409089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-blockchain","tag-on-chain-analysis","tag-willy-woo"],"acf":[],"yoast_head":"\n<title>Bitcoin Is Still In Midst of Bull Market; Why On-Chain Analysis Suggests So<\/title>\n<meta name=\"description\" content=\"Since Bitcoin (BTC) started to collapse in July following the multi-month rally from $3,100 to $14,000, investors have been wondering if the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-midst-bull-market-on-chain-analysis-suggests\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Is Still In Midst of Bull Market; 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