Bitcoin is at the start of its next "Main bull run" and the price peak won't hit until the end of 2021, well-known analyst Willy Woo believes.
In one of many recent Twitter discussions on Nov. 11, the creator of statistics resource Woobull produced fresh evidence that Bitcoin's price gains are only just beginning.
Uploading a chart showing Bitcoin's relative strength index, Woo noted similarities between the metric's current behavior and that of early 2017.
"Green circle denotes where we are in this macro cycle. Start of the main bull run," he commented.
RSI looks at price behavior over a specified period.
At the time, Bitcoin was ending a period of so-called RSI compression, which accompanied a series of higher lows and lower highs for BTC price.
At the time, Woo called for the bull run to begin either in Q4 or Q1 next year, something which then became reality.
"My pick is December 2021, gotta sell to pay taxes like last time," he responded when asked about a likely peak.2021 to be year of BTC price records.
As Cointelegraph reported, Woo is far from alone in claiming that Bitcoin's performance in recent weeks is an anomaly, which will later correct downward.
The technical issues which accompanied the rise to $16,000 have meanwhile dissipated thanks to Bitcoin's automatic mining difficulty readjustment, with fees nosediving and unconfirmed transactions dropping to near zero this week.
Bitcoin price peak in December 2021 as 'main bull run' begins
Published on Nov 12, 2020
by Cointele | Published on Coinage
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