The major cryptocurrency trader Willy Woo is in the Bitcoin news now for what he labeled a major reaccumulation phase for the most dominant coin. As the last few days of the year go by, Bitcoin (BTC) is still down by almost 50% from its yearly high – but is also around 87% up from the price on January 1st this year.
Has BTC reached the bottom yet?
Well, this is a tough question to ask. According to Willy Woo who is a popular crypto analyst and blockchain researcher, the price has already turned bullish but has only entered the reaccumulation stage of the market.
“Are we in a BTC bear market? No, we are in the reaccumulation phase of a bull market,” he noted.
Are we in a $BTC bear market?
No, we are in the re-accumulation phase of a bull market. pic.twitter.com/OcMyxA4EIY
— Willy Woo (@woonomic) December 28, 2019
The assumption immediately enraged many individuals and caused a steady stream of rage-filled criticism and numerous comments out there. However, the analyst clarified what he means by the “reaccumulation phase” and even received support from another experienced trader named Crypto Birb, who said:
“Glad we are on the same page. Post anything bullish and people get triggered.”
Based on the previous statements, we can conclude that there is a class of traders who remain extremely bullish even despite the current market decline. Aside from Woo’s opinion, there are other approaches about the reaccumulation phase.
For instance, Tuur Demeester who is a business cycle expert and partner at Adamant Capital, noted that the true bottom will only be reached after this phase – and not before it. He noted that “no traders left to sell the asset” and that the result of this will be Bitcoin declining in price to possibly $5,000 as predicted by the analyst.
In today’s market updates and latest altcoin news, we can see that the total market cap is now coming close to the $196 billion mark – and the volume is solid at around $79 billion. Bitcoin SV (BSV) is leading the top 10 with a 4% increase on the day, followed by Binance Coin (BNB) and Stellar (XLM), both of which have surged by around 3%. From the tenth position to the twentieth, there are not much notable surges worthy of an update.
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