The cryptocurrency market has risen for two consecutive days, with Bitcoin once touching $67,248. The market's previous concerns about a deep correction seem to have eased.
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ToggleBitcoin hits 67K
Three days have passed since the Bitcoin halving, and BTC has also shown an upward trend in the past few days, with an increase of nearly 10% (9.04%) since the 18th.
ETH remained at $3,200, up approximately 7.99% over the same period.
( Bitcoin’s fourth halving is completed, and the block reward is officially reduced to 3.125 BTC )
Crypto stocks also recover
Cryptocurrency-related stocks including Coinbase (COIN) and MicroStrategy (MSTR) rose 7% and 12%, respectively.
Listed mining companies Riot Platforms (RIOT), Hut 8 (HUT) and Marathon Digital (MARA) have also increased by 39%, 24% and 19% respectively since the 18th.
Previously, CoinShares, Wall Street investment bank Bernstein, and JPMorgan Chase were optimistic about the market outlook for mining stocks.
Willy Woo: The bull market hasn’t started yet
Bitcoin fundamental analyst Willy Woo pointed out through a price model that Bitcoin’s explosive bull market has not yet begun:
Indicators suggest that this cycle may structurally combine characteristics of the 2013 (strong demand) and 2017 (spot-dominated) cycles.
Under this model, the exponential #Bitcoin bull run hasn't commenced yet.
How the signal moved relative to the halvings suggests this cycle may structurally be a blend between 2013 (strong demand) and 2017 (spot dominant) cycles.
2020 was a whipsaw controlled by derivatives. pic.twitter.com/vxjdGsfFcr
— Willy Woo (@woonomic) April 22, 2024
The chart in his tweet is a composite indicator derived from 3 different price models compared to each other:
VWAP price (on-chain "investor" transaction volume)
Realized price (cost basis)
CVDD price (long-term holders selling, also known as the "bottom" model)
The chart shows that the Bitcoin indicator is indeed still a long way from the top of the bull market, but the indicator has trended lower at each high as it goes through more bull markets.
( Analyst Willy Woo: The future Bitcoin bear market low will be as high as $91,000 )
