Willy Woo predicts Bitcoin rally to resume in 2021

by in Cryptocurrency News


In the fourth quarter of 2020, Bitcoin is expected to strengthen, but a large-scale expansion will begin next year. So says famous analyst Willie Wu, who posted on Twitter a series of posts in which he analyzed the medium-term prospects of the largest digital currency. The cryptocurrency market is now experiencing record low volatility.

According to the CoinMetrics team, this figure fell to its lowest level since the fall of 2018. But already in the fourth quarter, an increase in the range of BTC price fluctuations is expected. Moreover, the chances for strengthening are higher than for weakening the positions of the cryptocurrency.

Willie Wu compared the current market situation with the situation in 2016 and concluded that we would repeat the race, taking into account the scenario four years ago. The awakening will begin in 2021, but the first positive signals will appear later this year.

Trending: The Central Bank of Canada Taking Actions Towards CBDC

Note that back in September, Willie Wu predicted that soon Bitcoin would completely separate from traditional markets. BTC is a tool for protecting capital from inflationary risks. That is the main advantage of cryptocurrency, which will lead to the cancellation of its dependence on stock indices, primarily on the S&P 500.

Willie Wu's concept is supported by data on the growing network activity on bitcoin.

The Glassnode team recently released a graph showing that the number of Bitcoin addresses transacting has been increasing daily since 2016.