Popular Analyst Willy Woo Discusses The Current State Of Bitcoin
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Over the past few weeks, leading Cryptocurrency has spiked, spiralled and infused excitement throughout the community. Bitcoin hasn’t even hit its highs of 2019 yet, in fact he hasn’t even come close, but the community are very excited about the future of the coin. At the start of last week, the coin was valued at $12,000 and even though it swiftly took a sink into 11,000 or a territory, exciting things are sure to come for the flagship coin.
In the past, we have seen bitcoin consolidate itself at a range for more than two days and we have seen big declines in the value of the currency but looking at how the market is now, it might be different from the rest.
One of the most prominent analysts and experts within the industry, Willy Woo is a big supporter of the leading cryptocurrency and recently explained that bitcoins for year bullish/bearish cycle is typically started due to selling pressure reduction. This is typically created every four years because of the having event. Even the one we saw earlier this year was a little lacklustre, but maybe we are still waiting to see its effects as we speak.
The analyst made the argument that the bitcoin halving creates an impulse throughout many investors mines which can lead to resonance.
He further went on to say:
“As the sell pressure reduction from each halvening cycle reduces, the impulse has less strength. Eventually the scale of halvenings become insignificant, Bitcoin’s 4 year cycle will start to transition into the resonance of traditional markets (~10 years).”