Bitcoin in a “Blow-off Phase,” Prominent Analyst says, The Second Part of Bull Market Starts with a Close above 2019 High

Analyzing crypto twitter bitcoin price predictions has become common place but it also provides insights as to who knows what given charts, markets and trending news in the blockchain world.

  • 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.

Litecoin with 4.67% gains followed by EOS and BNB with 3.37% and 2.65% gains respectively are leading the top cryptos, as per Coincodex.

Source: Coin360

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.

“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.

“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.”

Bitcoin (BTC) Live Price

1 BTC/USD =$7,407.7523 change ~ -0.08%

Coin Market Cap

$133.98 Billion

24 Hour Volume

$3.85 Billion

24 Hour VWAP

$7.4 K

24 Hour Change

$-6.0370

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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