Bitcoin is Already in a Serious Bull Market, According to Popular Crypto Analyst
The prevailing market dynamics of Bitcoin (BTC) indicate a robust bull market phase, as highlighted by on-chain analyst Willy Woo.
Woo observes a notable surge in Bitcoin’s price and a significant movement of coins on-chain. These trends suggest genuine investor interest at elevated price levels, affirming the asset’s value.
This structure has all the signs of a full blown #Bitcoin bull market.
– Price ripping
– Lots of coins moving on-chain meaning real investors are buying at higher prices validating it pic.twitter.com/PeKlncZhVn— Willy Woo (@woonomic) March 11, 2024
Moreover, Woo points out the positive impact of recently approved spot Bitcoin exchange-traded funds (ETFs), which counteract the prevalence of derivative instruments devoid of actual asset ownership, known as “toxic paper BTC.”
The transition away from an overabundance of paper Bitcoin, prevalent in previous cycles, signals a bullish trend. Notably, during the bearish phase of 2022, despite continued spot investments, the influx of paper BTC led to a market decline.
READ MORE: Bitcoin Set to Soar to $1M Earlier Than Expected, According to ARK Invest CEO
However, the period from 2023 to 2024 witnesses a decline in spot supply alongside a reduction in paper BTC, indicating a more favorable market environment.
Woo draws attention to the imminent Bitcoin halving scheduled for April 18th, emphasizing its significance. As the halving approaches, Bitcoin’s inflation rate will decrease, rendering it scarcer than gold and solidifying its position as the most resilient form of currency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
