New Bitcoin model forecasts bull run to start in July
29 Jun 2020
An influential cryptocurrency analyst’s new Bitcoin price model has indicated that the next bull market will start in July 2020.
Using eight-year historical data to find the beginning of exponential bull runs, Willy Woo says the world’s largest digital coin was ready for a bull run until the coronavirus destroyed the markets.
“This made the ‘set up’ take longer to start. In February 2020, Bitcoin was about to breach the year-long resistance of $10,500, but price rejection and decline soon followed,” reported International Business Times.
“On March 12, the pandemic situation decimated markets everywhere, including that of Bitcoin. Since then, Bitcoin has become more correlated with the S&P 500.”
On Twitter, Willy Woo said the more time the bull market takes to get going, the higher the price can be expected to run. “A long sideways accumulation band is ultimately a good thing,” he added.
Many other experts are forecasting imminent bull run predictions. For instance, Bloomberg’s crypto outlook argues that Bitcoin would hit $20,000 levels again before the end of this year.
The CEO of Kraken, Jesse Powell, is predicting that Bitcoin will reach $100,000 in the next bull run.
Other Bitcoin bulls include Mike Novogratz, BitMEX CEO Arthur Hayes and Forbes Media president and editor-in-chief Steve Forbes. Mr Hayes and Mr Novogratz believe the digital currency will reach a new all-time high before the end of 2020. Mr Forbes, on the other hand, says that people will shield themselves from central banks’ monetary policies with Bitcoin.
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