Willy Woo: Bitcoin’s Historical Price Might Not Be The Best Prediction Tool
According to Willy Woo, one of the “OG” on-chain analysts, Bitcoin (BTC) traders shouldn’t expect the current market cycle necessarily to follow the 2013 BTC bull run.
Woo shares his views in a recent episode of ‘What Bitcoin Did’ with Peter McCormack. According to the analyst crypto space has a “cycle imprint” where traders look too much past bull runs market movement in order to time the current cycle.
Some traders probably hope that Bitcoin experiences something similar to its 2013 mid-cycle crash, during which the BTC dropped nearly 80% before breaking new highs, says Woo.
“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.”
Bitcoin is more likely to go through a random grind upwards with less dramatic peaks and shorter bear trends, Woo explains.
“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.”
MicroStrategy CEO Michael Saylor recently outlined a number of factors that he believes are going to drive Bitcoin’s price in the future.
Regarding Bitcoin current price action, $42,000 level as the key area to break before the king of crypto can start challenging the $50,000-$60,000 range, according to Woo.
At time of writing, Bitcoin is trading at $41,720, according to CoinMarketCap.
