The green sign displayed by most coins including Bitcoin is yet to be convincing enough to say a bullish run is underway for the leading cryptocurrency and the entire market, especially as BTC continues to trend horizontally below $7,600.
However, onchain analyst Willy Woo believes the present Bitcoin situation could in the long run be beneficial for those who wait.
Despite the unyielding performance of Bitcoin in the last 2 months, Willy Woo thinks we are not in a bear market. The analyst opined that BTC is already bullish. Trader Woo stressed that Bitcoin is just at the accumulation phase of bull run. He implied that the present consolidation was normal during a bullish cycle.
“We are in the re-accumulation phase of a bull market,” Willy Woo stated.
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
Most analysts in the ecosystem have been calm in their prediction regarding the next Bitcoin phase, but some seem to be on the same page with Willy Woo, as they also believe that Bitcoin is only garnering forces at its present level for a bullish rally.
2019 Returns: Bitcoin Surpasses Nasdaq 100 by 51%
The founder and CEO of Compound Capital Advisor, Charlie Billelo, has revealed that, above a number of assets, Bitcoin has the highest return in the year 2019. Charlie highlighted a number of assets and their performances in 2019.
The CEO revealed that Bitcoin’s ROI surpassed Nasdaq 100’s by 50%, while S&P 500 sits behind BTC by 59%.
In 2019, Bitcoin presented +91% returns while Nasdaq 100 and S&P 500 recorded +40% and +32% respectively.
Nasdaq 100 $QQQ: +40%
Oil $USO: +34%
S&P 500 $SPY: +32%
REITs $VNQ: +28%
Small Caps $IWM: +26%
EAFE $EFA: +22%
EM $EEM: +19%
Investment Grade $LQD: +18%
Gold $GLD: +17%
High Yield $HYG: +14%
US Bonds $AGG: +9%
US Dollar $UUP: +5%
Cash $BIL: +2%
— Charlie Bilello (@charliebilello) December 27, 2019
In another tweet, Charlie revealed that Bitcoin had the third-highest crypto return in the year 2019.
2019 Crypto Returns…
Bitcoin Cash: +25%
Bitcoin SV: -3%
Ethereum Classic: -15%
— Charlie Bilello (@charliebilello) December 28, 2019