This year, we are about to witness “the final explosive bull run” of the ongoing three-year Bitcoin (BTC) price rally, argued well-known on-chain analyst Willy Woo during the latest episode of the “What Bitcoin Did” podcast published today.
Woo remarked jokingly:
“You’d be crazy to sell right now. There’s more buying the dip than ever seen before, a new record for 2021 and we know the person that’s buying the dip is Rick Astley and he’s not going to let us down.”
WBD327 – How to Trade the End of a Bull Market with Willy Woo (@woonomic). We discuss:
– Rick Astleys buying the dip
– Willy’s rising Price Target
– Spotting the top of the market
– Futures & derivatives marketshttps://t.co/fdvx63epYy pic.twitter.com/NA9Zbjrhq8— What Bitcoin Did (@WhatBitcoinDid) March 29, 2021
In his terminology, “Rick Astley” is an archetype of a long-term trader who continuously keeps buying Bitcoin and almost never sells it—literally “never gives up” their BTC. And, according to Woo, nobody, in general, should be selling their coins today because BTC’s price currently resides at its newly-discovered bottom.
“I think that we’re at the bottom now,” said Woo, adding, “So yeah, I’m stacking up my long positions right now personally.”
As evidence, he pointed to the consistent buying of Bitcoin on crypto exchange Coinbase, followed by massive outflows of BTC from the platform into cold wallets. Woo noted:
“Maybe an unannounced institution is buying, maybe it’s a private hedge fund or many of them. But there’s certainly a lot of buying going from Coinbase which tends to be US institutions.”
The final explosive bull run
He explained that compared to previous Bitcoin price cycles and bull runs, the current one is completely different thanks to various new participants that entered the crypto market over the past few years, especially institutional companies such as MicroStrategy and Tesla.
Woo also noted that there was only one year of a bear market lately, and today, the crypto industry is experiencing another bull phase that typically lasts around three years. During the first part of a bull run, the “accumulation bottom” could last anywhere between three and nine months. It is then followed by an early phase when it “pumps up, gets everyone excited, and then that’s when it dies down a bit.”
Woo said:
“And then you have the real, main bull phase which is usually played out in one year. 2017 was the last one, 2013 was the one before that. And 2021 is the main bull phase of the bull market. The final explosive bull run, that one year of the three years of bullishness is happening now, like the crazy bullishness.”
However, he acknowledged that while a so-called “supercycle” could happen—an extremely long period of abnormally strong demand growth—it is also possible that “we could crash down a lot as well.”
As CryptoSlate reported, Cathie Wood, CEO of asset management company Ark Invest, recently argued that Bitcoin’s market capitalization of over $1 trillion is just the beginning of the crypto’s price discovery.
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