Bitcoin in a Re-Accumulation Phase of a Bull Market – Analyst

But “what matters is what happens after this phase that determines distribution from accumulation.”

  • Bitcoin has lost 46.7% of its value since hitting 2019 high
  • BTC is currently passing from dumb money to smart money as all trades are being matched – on-chain analyst Willy Woo
  • Meanwhile, Bitcoin commentator puts a rest to Bitcoin halving being a non-event

In the past six months after hitting the 2019 high at $13,900, Bitcoin has been falling downwards, although we did see many bouts of surges in between. During this period, Bitcoin has lost 46.7% of its value.

Bitcoin loses 46.7% of its value since hitting 2019 high, Source: TradingView

According to an on-chain analyst and partner at Adaptive Fund, Willy Woo, Bitcoin is in a bull market and its re-accumulation phase.

With accumulation, Woo clarifies, it means the coin is passing from dumb money to smart money as all trades are being matched. As for the price, it can go up or down during this phase, but prices declining is not distribution.

He notes that “what matters is what happens after this phase that determines distribution from accumulation.”

Woo further clarified on his bearish stance last month stating, it was because of difficulty ribbon compression, miner sell-off. Even then, he was short term bearish, expecting more volatility.

Earlier this month, Woo shared that on-chain momentum is crossing into bullish and the bottom is likely in. Also “price action follows on-chain action a few weeks later.”

“Prep for halvening front running here on in,” he said at that time.

Another accumulation observation is made by Su Zhu, CEO, and CIO at Three Arrows Capital who sees BTC jumping above $9,000 before the first month of 2020 ends.

Putting a rest to Bitcoin halving being a non-event

Meanwhile, Bitcoin commentator Melik Manukyan says Bitcoin halving being a non-event is just plain wrong. Those people, he said, are missing the point and being “disingenuous” but aren’t fooling anyone.

Bitcoin halving, Manukyan said isn’t “a single [prophetic] moment, but a market cycle,” explaining how to post halving rallies have a lag following the event.

It starts with demand, that is bids being at equilibrium with the currently available supply, which asks, and the flow that are new coins being generated.

Now when Bitcoin halving happens, “Demand instantly begins eating into new coins & eventually depletes them,” he continued.

Demand will then start going after the existing supply, the non-HODL’ed BTC, that is up for sale.

But with halving the supply has also been depleted which means, price begins moving upward. As BTC starts surging, this captures greater market attention creating an FMO and frenzy among people.

In price terms, investor and entrepreneur Alistair Milne says the price of the flagship cryptocurrency will dump during the halving but after that, it would test the all-time high of $20,000.

But this isn’t all the hopium, as Milne further points out, “Nearly 70% of all Bitcoin hasn't been moved for over 6 months. Last time that happened was… approaching the 2016 halving.”

Bitcoin (BTC) Live Price

1 BTC/USD =$9,437.5406 change ~ 0.02%

Coin Market Cap

$173.54 Billion

24 Hour Volume

$7.85 Billion

24 Hour VWAP

$9.48 K

24 Hour Change

$1.7570

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

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

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,435FansLike
2,798FollowersFollow
4,186FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin Not in a Bull Territory Yet, But Unmoved BTC Points to the Start of a Bull Run

Bitcoin is back on the move, trading around $9,400. Last weekend, the price of bitcoin took a fall to $8,600 only to start making its...

Kingdom Trust Launches Choice, Adding Digital Assets To Traditional Retirement Accounts

The ‘first of its kind’ Bitcoin (BTC) retirement account allows users to buy, sell and hold traditional financial instruments, ETFS and no will...

Telecom Giant, Vodafone, Announces Partnership With Energy Blockchain Startup, Energy Web

Global Telecoms firm, Vodafone, announced its partnership with Switzerland based blockchain startup, Energy Web (EW), to develop solutions for energy-smart devices. The partnership...

Enjin Rolls Out Minecraft Plugin, EnjinCraft, to Drop Blockchain Assets into the Game

One of the most popular video games in the world, Minecraft, now has a plugin that lets its players spawn blockchain assets. The plugin is...

DigiByte Collaborates With Threefold Grid To Further P2P Decentralized Internet Capabilities

DigiByte onboards ThreeFold grid to enable their developers and communities to deploy Digibyte nodes on the peer to peer ecosystem. The grid is...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today