It’s happened, after all. Bitcoin, the mother, and father of all cryptocurrencies has finally gone parabolic. Yesterday it broke the $8,000 level. According to Willy Woo, a digital asset observer, the data support the arrival of a new bull season at the rate of 99%. Ladies and gentlemen: the crypto summer is finally here.
200-day moving average: The bulls are here (almost)
The catastrophic crypto winter that saw the market go down by 85% could be over at last. There are recent data supported by nearly every price tracker which points to a bull run for Bitcoin. Last weekend’s rally alone was colossal and left even the most optimistic forecasts looking conservative.
A new bull run was unavoidable. As such, it was expected to happen. But not this soon, and not with so much intensity. Not by BTC going over 8k in a single night.
The currency’s behavior doesn’t only change the price. It’s also changing the predictions issued by many experts (and not so experts) which will be needing a bit of adjustment to stay current. More importantly, several analysts will have to accept the end of crypto winter as a fact.
Willy Woo, a cryptocurrency pundit of Twitter celebrity, is at the forefront of Bitcoin optimism. On last May 13th, he published a tweet in which he explained why the crossing 200-day moving average was a virtually assured indication of a new bull run. Mr. Woo’s tweet included a chart showing why any trend line support (even the most skeptic one) would end up launching BTC over the 200-day average. In Mr. Woo’s own words:
In BTC's 10yr trade history, crossing above the 200 day moving average (blue line) for any sizeable time (say 8wks+) has signaled bull season. Even a super conservative trend line support puts us above the 200DMA.
Bull season is now 99%. pic.twitter.com/g433INi4pA
— Willy Woo (@woonomic) May 14, 2019
He followed up by explaining that the indicator’s significance only becomes definitive in terms of a new bull run if the price stays over the 200 daily moving average for more than eight weeks. So Mr. Woo is quite confident for sure, but his opinion is very well supported by technical analysis.
There’s one thing missing yet
Mr. Woo had announced last month that he was 95% sure that the bearish market had reached its lowest possible point. However, he’s still not calling a new bullish run at 100%. According to him, if he’s going to call it a new crypto summer, then Bitcoin’s on-chain trading volume has to support the price rise because it’s a “proxy” for activity by long-term investors.
Mr. Woo considers that the new bull market started last April 2nd when the price went above USD 4.300,00. He still wants validation from the on-chain volume, nevertheless.
Bitcoin is trading at $8165 as we write this with green numbers at the tune of 2.81%. So things are looking very bright for Bitcoin. Moreover, because it’s so influential in the rest of the cryptocurrency market, things are looking great for most other cryptocurrencies as well.
Just remember that the current spike can’t be fully construed as a new bull market yet, so it’s still not the time to go crazy and put everything on Bitcoin. The time will come, maybe soon. However, it’s not today.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.