Bitcoin Has Been in a Bull Run Since 2019—and There’s More to Come: Analyst

Bitcoin has undergone a strong drop since its $12,500 highs set in August. The coin now trades for $10,500, having dropped as low as $9,800 just a few weeks ago. Bitcoin is currently consolidating between $10,000 and $11,000, barely deviating from this range. Some fear that this price action is a precursor to another capitulation event, as seen in late 2018. One on-chain analyst asserts that this is not the case: he says that Bitcoin remains in a macro bull market. This analyst predicted the retracement to $9,800 weeks before it happened. He says that there is upside potential for Bitcoin in the short to medium term. Bitcoin Still in a Bull Market; Capitulation Already Happened Willy Woo, a crypto-asset analyst, thinks that Bitcoin remains in a bull market despite the strong drop earlier this year. He attributed BTC’s “wild swings” to cryptocurrency derivatives markets, which can exacerbate volatility due…

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