While the bitcoin (BTC) price may have been less spectacular in recent weeks than before, we are still in the middle of the bull market. The big question, of course, is when the bull market will end. Nobody knows this. Well-known on-chain analyst Willy Woo expressed his expectations during the SALT Talks podcast.
Bitcoin has performed so well recently as new market participants buy the bitcoins and hold on to them firmly for the long haul, Woo’s analysis notes. “That has been a very big driver of this bull market, that there is strong buying pressure.” In addition, according to him, it is not only large institutional investors that push the price up, the smaller investors also made an important contribution:
“Many conversations are about institutional investors. That’s true. But I also think there are a lot of wealthy investors coming in here now who buy bitcoin in pieces of $ 1 million at a time. We saw that very strongly in the first two months of 2021. ”
Woo bases his analyzes on on-chain data. This is data on the Bitcoin blockchain that everyone can see. This allows analysts to make interesting analyzes of the many capital flows within the Bitcoin network.
Woo made some interesting statements about when the bull market will end. Among other things, he looks at the bitcoin halving that takes place every four years. After the halving, the market receives a bullish impulse that eventually turns into a “crazy run upwards,” said Woo. Such a run will eventually come to an end sometime in the fourth quarter, around December, Woo expects:
“So a wild guess, December, [based on] that model of mine: it could be between $ 300,000 and $ 400,000, it could go even higher. But we need to see how it performs in the next six months. ”