On Saturday, well-known analyst Willy Wu published a new BTC pricing model that determines the start times of an exponential Bitcoin rally based on historical data. According to Wu, a new BTC bull market could begin in 30 days.
Will the new BTC bull market start in July?
In February, the price of Bitcoin fluctuated around $ 10,000, then the developing pandemic COVID-19 became a catalyst for the dump of the US stock market.
At that time, analysts expected a correction in the BTC rate, given the historical importance of the resistance level of $ 10,500. But suddenly, the price of the leading cryptocurrency collapsed below $ 6,000, eventually setting an annual minimum of $ 3,600 on BitMEX. This caused chaos in the cryptocurrency industry; in total, more than $ 1 billion worth of positions were liquidated on the derivatives market.
According to Wu, before the stock market crash, Bitcoin was heading for a new bull market. The new analyst model, which accurately marks the beginning of the four previous growth cycles, indicates that now the leading cryptocurrency continues to prepare for the next upward trend.
The new model I'm working on marks the beginning of an exponential rally. Bitcoin was preparing for a bull rally until the white swan COVID killed this venture. This model suggests that we are close to the next bull rally. Maybe one month left.
The analyst added:
Another way to use the model. It is clearly seen why COVID was an extramodel [extreme] factor.
According to Wu, if the price of Bitcoin continues to consolidate, this may strengthen the subsequent breakthrough:
The longer it takes to prepare for this bull market, the higher the peak price. Ultimately, a long accumulation trend is a good thing.
A long consolidation period under a multi-year resistance level, such as $ 10,500, is often seen as a positive factor. He points out that buyers are preparing to annul the key level, and sellers do not have sufficient resources to reverse the trend after bull failures.
Additional BTC Bull Rally Factors
Since March, the BTC price has recovered from the 3-thousandth range without significant correction, and the bulls confidently defended the main support levels of about $ 5800, $ 6500, $ 8100 and $ 8600.
Crypto trader Nunya Bizniz said that the bullish structure of the BTC market remains relevant, despite the latest weakening trend:
The uptrend has turned into a more lateral pattern, and lately there have been falls. However, the market structure remains unchanged. A series of higher lows has not been canceled. Will this pattern persist?
Thus, according to analysts, despite short-term corrections, the Bitcoin rate adheres to an uptrend, and this brings the asset closer to the next exponential take-off.