Quick take:<\/p>\n
Veteran Bitcoin Analyst, Willy Woo, has shared his most recent analysis of BTC in which he states that all Bitcoin fundamentals are in moon mode.<\/p>\n
According to Mr. Woo, Bitcoins on-chain data and metrics from infrastructure players point to BTC awakening in 2021. He explains that the current Bitcoin market environment is similar to mid-2016 and before the impressive bull run that resulted in BTCs all-time high of $20k in December 2017.<\/p>\n
Mr. Woo shared his analysis of Bitcoin via the following tweet.<\/p>\n
Back in late Septemeber, Will Woo had also suggested that Bitcoin is in the process of decoupling from the traditional stock markets as a result of Bitcoins internal adoption. He explained:<\/p>\n
Bitcoin will decouple from traditional markets soon, but driven by its internal adoption s-curve (think startup style growth) rather than changes in perceptions as a hedging instrument by traditional investors. Fundamentals of user adoption have already broken all time highs.<\/p>\n
To further demonstrate the said Bitcoin internal adoption, Willy Woo shared the following chart, courtesy of Glassnode, which shows the number of active Bitcoin addresses since mid-2016, charted alongside price.<\/p>\n
Additionally, Willy Woo pointed out that Q4 might be a great one for Bitcoin based on the compression of BTCs difficulty ribbon. To further demonstrate the probability of a great Q4 for Bitcoin, Mr. Woo shared the following tweet by the team at Glassnode which includes a chart that has the bullish difficulty ribbon.<\/p>\n
Summing it up, Willy Woo has suggested that Bitcoins fundamentals are in moon mode with a possibility of a bullish Q4, 2020. Additionally, next year will also be a positive one for Bitcoin in terms of gains as the current Bitcoin environment is similar to mid-2016.<\/p>\n
In terms of market performance, Bitcoin has now shrugged off a total of four mega-events that would have traditionally caused panic selling. The first was Bitmex being charged by the CFTC for operating an illegal derivatives exchange.<\/p>\n
Secondly, President Trump tested positive for COVID19. Thirdly, the UKs FCA banned crypto derivatives from retail traders. Fourthly, President Trump rejected a stimulus bill late yesterday that caused a massive pullback in the stock market.<\/p>\n
However, Bitcoin is still holding its head above $10k and is currently battling to retain the $10,600 support zone. If this were 2018 or 2019, Bitcoin would have already dropped below $10k and declared dead once again.<\/p>\n
<\/p>\n
Read more from the original source:<\/p>\n
BTC Analyst: Bitcoin's Fundamentals are in Moon Mode - Ethereum World News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Quick take: Veteran Bitcoin Analyst, Willy Woo, has shared his most recent analysis of BTC in which he states that all Bitcoin fundamentals are in moon mode. According to Mr Continue reading