Research of historical Bitcoin data indicates a large Bitcoin bull market ahead. According to Twitter user Willy Woo, we are currently in the middle of a massive Bitcoin bull market. This rally may take Bitcoin price way above the current all-time high (ATH).
Bitcoin bull market: Is historical data relevant?
It is debatable whether History does act as an indicator of future events. In any case, it is always better to consider it as the probability of it dictating future events does exist. Currently, a Twitter Bitcoin analyst has collected data that shows that the current Bitcoin market may soon see bullish rallies.
Bitcoin bull market: Bitcoin price about to spike once again
Woo has collected data based upon Bitcoin’s Volume Weighted Average Price (VWAP) Ratio.
Cheat sheet map of where we are in this bull market according to on-chain metrics. We’re closing up the opening act of the bull market, and awaiting the middle bull market to commence. pic.twitter.com/xkmY5i605G
— Willy Woo (@woonomic) September 21, 2019
The data shows that Bitcoin is currently in the initial stages of a giant bull rally. Woo stated that the market is currently concluding the initial stages with the middle bull market about to begin. If history repeats, itself price should start rising steadily before a spike takes it above the current ATH.
Another phenomenon to consider is the block reward halving event that occurs every few years. In its history Bitcoin price has skyrocketed after every block halving event. This is because of the simple supply and demand principles. Whenever the supply for a specific asset reduces while the demand remains the same, its price is bound to go up.
Regardless, the data does not pinpoint to where we currently stand. Furthermore, the price movement is chaotic. The price recovered from lows of three thousand dollars to above thirteen thousand dollars. Then the price decreased to consolidate above ten thousand dollar support line. Now the crypto’s price fell below the ten thousand dollar mark before recovering again.