According to on-chain analyst and economist Willy Woo, the market cycles of Bitcoins have changed completely. The data model suggests that the bearish run may be over.
The new movement model of Bitcoin
“The Last Cycle” thesis was shared by Woo back in October, suggesting that the cycles of bearish and bullish are over. The main driver of each cycle was halving, with active distribution happening after that and the bearish cycle beginning after halving.
After the massive inflow of institutional funds, the cryptocurrencies market started moving independently. The correlation with traditional markets was explained by the fact that the “unpredictable walk” is mostly tied to natural supply and demand.
Previously, report noted that Bitcoin follows the currencies of emerging countries like Brazil. This makes sense as the markets of the developing world still look to invest in Bitcoin due to the fact that it is still in its early stages.
Proof is all around us. We see it every day, and yet we forget to take notice. In this case, the cryptocurrency Bitcoin proves to be a case of “proof” in action. The first wave was the longest, while the second and third waves were significantly shorter.
The 100 day correction that started in April, when most of the market expected the end of the rally and another years long bear market, was brought up by Woo. That didn’t happen as the price of the first coin went up to almost $70,000.
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