Bitcoin (BTC) is looking increasingly like it is in a “supercycle,” not just a bull cycle, statistician Willy Woo suggests.
In a Twitter exchange on Feb. 12, the popular analyst joined Dan Held, growth lead at U.S. exchange Kraken, calling the current BTC market a bull run like no other.
Woo: Retail has arrived
Held had previously explained his theory about the state of Bitcoin in 2021 — that price gains cannot be compared to past bull phases, and do not even match the end of 2017 when BTC/USD neared $20,000.
Instead, this year is looking like a bull run on a wholly different magnitude — a “supercycle” in the making for Bitcoin.
In his own observations, Woo confirmed that data pointed to retail investors returning to Bitcoin in January.
“Retail has arrived. The last 4 weeks. Welcome to the middle phase of the bull market. This one is like no other,” he wrote.
When Held suggested that the supercycle had arrived with them, he responded that 2021 would provide confirmation.
“Can answer that with more confidence in Q4. Right now it’s only fundamental narrative, need to see if the capital flows validate it,” he continued.
“The setupTitle: Bitcoin ‘supercycle’ may emerge in 2021 as Fed balance sheet hits new record high
Sourced From: cointelegraph.com/news/bitcoin-supercycle-may-emerge-in-2021-as-fed-balance-sheet-hits-new-record-high
Published Date: Fri, 12 Feb 2021 12:30:00 +0000