Widely followed on-chain analyst Willy Woo says Bitcoin (BTC) traders shouldn’t expect the current market cycle to end up resembling the 2013 BTC bull run.
In a new episode of What Bitcoin Did with Peter McCormack, Woo says the crypto space has a “cycle imprint” in which traders are looking too much at past bull runs in order to time the current one.
Woo says that some traders might be hoping that Bitcoin experiences something similar to its 2013 mid-cycle crash, in which the flagship cryptocurrency dropped nearly 80% before breaking new highs.
“We’ve got this cycle imprint. People are now cycle-imprinting 2013 now that we’ve got this big dent in the bull market. I think everyone’s now agreeing that it is still a bull market, and now we’re cycling back to 2013…
I’m beginning to think this is not going to happen. I’m actually siding towards this being unlike anything. I think we’ll go past the end of this year, and there’s a fair amount of likelihood that it won’t come into a full-blown bear market like we saw in the prior cycles, and then people start talking about the extended cycle theory.”
According to the closely followed analyst, Bitcoin is more likely to experience a random grind upwards with less dramatic peaks and shorter bear trends.
“I think this thing is just going to do a crazy wander around demand and supply and the halvening has less impact. And maybe Michael Saylor is right: there is no top. It just keeps wandering and discovering. You might have things that we just experienced, mini-bear seasons.”
In June, MicroStrategy CEO Michael Saylor outlined a slew of catalysts that he believes can drive Bitcoin’s price in the coming years.
As for the current state of Bitcoin, Woo names the $42,000 level as the key area to break before BTC can start challenging the $50,000-$60,000 range. At time of writing, Bitcoin is trading at $39,120, according to CoinGecko.
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The post Will Crypto History Repeat? On-Chain Analyst Willy Woo Questions Conventional Wisdom on Bitcoin’s Trajectory appeared first on The Daily Hodl.
source https://dailyhodl.com/2021/07/31/will-crypto-history-repeat-on-chain-analyst-willy-woo-questions-conventional-wisdom-on-bitcoins-trajectory/