Bitcoin hits $67K, mining companies rebound, Willy Woo shows indicator: The bull market has not yet begun
The cryptocurrency market has risen for two consecutive days, with Bitcoin briefly touching $67,248. Market concerns about a significant correction seem to have eased.
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Bitcoin Reaches 67K
Three days have passed since the Bitcoin halving, and BTC has been showing an upward trend in the past few days, with an increase of nearly 10% 9.04% since the 18th.
ETH, on the other hand, has maintained around $3,200, with an increase of approximately 7.99% during the same period.
Bitcoin's fourth halving completed, block rewards officially reduced to 3.125BTC
Crypto Stocks are also on the Rise
Cryptocurrency-related stocks, including Coinbase COIN and MicroStrategy MSTR, have risen by 7% and 12% respectively.
Listed mining companies Riot Platforms RIOT and Hut 8 HUT, as well as Marathon Digital MARA, have also seen increases of 39%, 24%, and 19% respectively since the 18th.
Prior to this, companies such as CoinShares, Wall Street investment firm Bernstein, and JPMorgan have all expressed optimism about the future performance of mining company stocks.
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Willy Woo: Bull Market Has Not Begun
Bitcoin fundamental analyst Willy Woo points out through a price model that the explosive bull market for Bitcoin has not yet begun:
Indicators suggest that this cycle may combine the characteristics of strong demand in 2013 and spot dominance in 2017 structurally.
Under this model, the exponential #Bitcoin bull run hasn't commenced yet.
How the signal moved relative to the halvings suggests this cycle may structurally be a blend between 2013 (strong demand) and 2017 (spot dominant) cycles.
2020 was a whipsaw controlled by derivatives. pic.twitter.com/vxjdGsfFcr
— Willy Woo (@woonomic) April 22, 2024
In his tweet, the chart he presented is a composite indicator derived from three different price models compared to each other:
VWAP Price on-chain "investor" trading volume
Realized Price cost basis
CVDD Price long-term holder sell-off, also known as the "bottom" model
The chart indicates that Bitcoin's indicator is still far from the peak of the bull market, but with more bull markets experienced, each high point has a lower trend.
Analyst Willy Woo: Future Bitcoin bear market low could reach $91,000