The age of four-year Bitcoin (BTC) market cycles is likely over, according to popular on-chain analyst Willy Woo.
In October last year, Woo told his one million Twitter followers Bitcoin was probably trading in what he calls “the last cycle.”
“What will be this bull cycle top? In my opinion, there is no top. PAST: *predictable walk* of demand/supply governed by a simple four-year halvening. NOW: *unpredictable walk* of demand/supply from a complex ecosystem until we hit saturation.“
Nearly half a year later, Woo says BTC is likely demonstrating the first signs of his last cycle thesis right now.
“Three relatively short bull and bear markets have transpired since the 2019 bottom already… i.e. no more four-year cycles.”
The analyst also notes that Bitcoin is currently being accumulated.
This is an on-chain algorithmic filter looking at the magnitude of coins being sold by weak investors at a loss during times of sufficient demand to mitigate downside price moves.
Raw data by @glassnode
— Willy Woo (@woonomic) March 19, 2022
Explains Woo,
“Note the size of the accumulation in the past when we had strong capitulations ending each four-year cycle. These days it’s pulsed smaller and more frequently alongside the shorter and smaller bull/bear cycles (supports ‘The Last Cycle’ thesis).”
Bitcoin is trading at $41,950.00 at time of writing after hitting a recent high of around $42,240 on Saturday. The top-ranked crypto asset by market cap is up more than 4% from where it was priced one week ago.
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Featured Image: Shutterstock/Hanna Gottschalk
Source: https://dailyhodl.com/2022/03/22/on-chain-analyst-willy-woo-says-bitcoins-last-cycle-playing-out-as-btc-gets-aggressively-accumulated/