Bitcoin in a “Blow-off Phase,” Prominent Analyst says, The Second Part of Bull Market Starts with a Close above 2019 High
- A big move is not far off, a downside might be in order
- Currently, we are in “a prolonged consolidation inside a macro bull market” – Willy Woo
- The bottom is in but “we still have time to burn before the BTC rocket ship takes off”
Today, much of the cryptocurrency market is in green with Bitcoin stuck around $9,200. It’s almost a week now that we are trading around this level and this has the altcoins at rest as well.
Trading volume meanwhile has taken a drastic drop to just $183.5 million, as per Messari.
A Big Move is Coming
The market is back to being boring and not making any movements right now which could only be interpreted as the calm before the storm. With trading volume so low now, we might be in for a big move.
“6hr Bollinger bands squeezing! Suggesting, a big move is not far off!,” shared analyst The Cryptomist.
According to analyst Flib Flib, the next move for BTC could be on the downside.
Recently, he updated his Bitcoin 12 months forecast that notes the leading cryptocurrency is currently in a reaccumulation phase and around mid-December will drop to about $7,700 level. And from there, the only way is up.
“And just like that the A&E continuation narrative became an Adam and Eve top. No sign of testing weekly resistance despite enthusiasm. Bearish AF,” he said.
It’s literally about to dump. https://t.co/RK2SxqgiqA
— fil₿fil₿ (@filbfilb) November 3, 2019
“A Prolonged Consolidation Inside a Macro Bull Market”
Analyst Will Woo also shared a detailed analysis of the market where he talks about the structure of the current market. The move from $4k to almost $14k, he says was a series of short squeezes that were not powered by organic investor volumes.
Woo AMA FAQ:
What's the structure of market right now?
The move from $4k->$14k was a series of short squeezes not powered by organic investor volume by by trader games. We're in the blow off phase, a prolonged consolidation inside a macro bull market.https://t.co/cBaDPzmZjQ
— Willy Woo (@woonomic) November 4, 2019
“We're in the blow-off phase, a prolonged consolidation inside a macro bull market,” he added.
Just like trader Looposhi and research firm Delphi Digital, Woo believes the bottom is in.
But the next move would be in the direction of south as he expects the $8,600 gap to be filled as bitcoin tends to fill volume profile gaps, especially the ones in the CME.
“We still have time to burn before the BTC rocket ship takes off, so a high chance to do that while the price wanders sideways in consolidation.”
The on-chain structure that reads investor behavior is locally bearish but could flip to bullish by next week. The breakout then, if powered by organic investment, this bullish transition can take about a month before it is reflected in the price.
The second phase of the bull market, Woo says will be “once we get a monthly close above $14k.” This steady, lowest volatility and run in price momentum should happen by the start of 2020, which is the “best time to deploy capital.”