On-chain Bitcoin analyst Willy Woo has insinuated the possibility of seeing a bullish Bitcoin structure next week as the market continues to show signs of sudden growth.
Fielding questions today on his Twitter handle, the respected cryptocurrency analysts and researcher posited that the on-chain structure, which reads investor’s behavior, is locally bearish.
A few weeks back, Willy had said the cryptocurrency market had months to burn before it flips to the bullish side, but the observant analyst is changing his views considering the changing phase of the market.
At present, Willy says the present crypto market structure is a “blow off phase, a prolonged consolidation inside a macro bull market”.
He said: “The move from $4k->$14k was a series of short squeezes not powered by organic investor volume by [sic] trader games”.
Responding to a question on whether the bottom ranges between 7k to 14k, Willy, speaking in micro timelines, responded in affirmative.
Break Out Between December – March
The on-chain analyst expects a breakout but said if it is powered by “organic investment”, it may take a month or more before the break out reflects in the market.
He, however, said if Bitcoin trend is allowed to break past resistances, break out should come in around December to March 2020.
Thoughts of 2020?
Once we get a monthly close above $14k, we'll be in the second phase of the bull market; a steady, lowish volatility, run in price. Should happen by the start of 2020, that's the best time to deploy capital.
2020 = 😊👍https://t.co/CbWCCXse5N
— Willy Woo (@woonomic) November 4, 2019
In the meantime, Bitcoin has been trading around $9,200. The digital currency and the entire cryptocurrency market appear to be gathering momentum to go past its present position.