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…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE