Bitcoin Price Is in 'Early Main Bull Phase' Circa Q4 2016

Bitcoin is copying what it did a year before its $20,000 all-time highs and the new bull market has been here for over a year already.

Woo: Bitcoin "Early main bull phase" began recently.

In a series of tweets on Aug. 10, Woo continued a debate begun by Bitcoin developer Jimmy Song, who himself debated the topic in the latest issue of his Tech Talk blog post series.

"What's started recently is the early main bull phase, it's Q4 2016 all over again, but different dynamics and themes at play."

Despite failing to flip $12,000 to support, Bitcoin remains firmly bullish, both sentiment and technical fundamentals-based evidence suggests.

For Woo, the composition of the market formed a major difference in maturity between this year and 2016 - maturity which historically has dictated both price trajectory and volatility.

Woo said that he expected sovereign wealth funds to adopt Bitcoin during the current bull cycle, and continue during the next.

The prognosis chimes with conclusions made by macro investor Dan Tapeiro, who predicted that Bitcoin would seal dramatic gains of five to ten times its current value during this bull cycle.

In May, fellow analyst Positive Crypto argued that Bitcoin had in fact been in an "Accumulation" phase for almost 900 days - and that the consolidation would soon be broken, which subsequently happened weeks later.

Bitcoin's price action was "Perfectly on track" vis-a-vis his stock-to-flow model, he added previously.