A popular Bitcoin analyst is in the latest cryptocurrency news, talking about the most dominant cryptocurrency and its pace over the past 24 hours. After a rally to $8,350, Bitcoin (BTC) fell down to $7,700 and made the market correct. Right now, Bitcoin is again surging and nearing the $8,000 mark.
In a Twitter post released on Tuesday, Willy Woo who is a popular researcher and analyst, noted that throughout Bitcoin’s ten years as a tradeable asset, a single trend has always resulted in “bull season.” As the Bitcoin analyst explained, this trend is BTC holding above the 200-day moving average for “any sizeable time” which is now around eight weeks.
Woo added that even if the market pulls back from here, Bitcoin is likely to find support above the moving average and drawing to a “super conservative trend line.” He says that as such, he is 99% sure that the bull market is coming to life. The Bitcoin analyst did not make comments about the latest altcoin news.
In BTC's 10yr trade history, crossing above the 200 day moving average (blue line) for any sizeable time (say 8wks+) has signaled bull season. Even a super conservative trend line support puts us above the 200DMA.
Bull season is now 99%. pic.twitter.com/g433INi4pA
— Willy Woo (@woonomic) May 14, 2019
It seems like Willy Woo is not the only Bitcoin analyst and cheerleader. Fundstrat’s Thomas Lee, who is always optimistic about BTC, was featured on many best cryptocurrency news sites for saying that Bitcoin is officially in a bull market. Just like Woo, he suggested that BTC holding above its 200-day moving average is a clear bullish sign.
On another occasion, the Bitcoin analyst Tom lee said that the golden cross which has been seen on the chart, the uptick in OTC trading and increase in transactional volumes were all other signs that bears are biting the dust.
“We surveyed OTC brokers, who are really important in facilitating institutional investors, and they’ve all talked about a 60% to 70% increase in activity/number of clients and trading volume per client. Fundamentals are improving; technicals are improving, and activity by HODLers too,” Lee elaborated.
Another popular Bitcoin analyst who is optimistic is Alex Kruger. As he said, he believes that BTC has forayed into “bull market territory” and that it is finally entering key zones for bulls after 2018’s 80% drawdown. More importantly, Kruger believes that speculative interest is returning and is likely to cause further volatility.
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