When you miss the consolidation above $ 12,000 so many times, do you fall back to the $ 10,000 level? Major Bitcoin (BTC) support has just given in to bear pressure. Recovery is still possible; Now is the time to explain the recent increases. We are hearing you again today, August 11, 2020, a theory that could explain the current decline.
Woo-aouh, what a rise! Time for explanations
The August 10, 2020 tweet series from Willy woo, sheds some light on the recent increases in Bitcoin. Bitcoin would exhibit similar behavior to the one he was 1 year old before reaching his ATH of $ 20,000.
According to Woo, we would not be at the start of a bull run because, it would have actually started in April 2019. A most discreet bull, therefore, but very much there.
The bullish phase that started recently would be the main phase and we would be entitled to a remake of the 4th quarter 2016 but with different dynamics and challenges.
One of the issues concerns the legitimation of Bitcoin from “large” institutional investors and, the accessibility of cryptos for ordinary people thanks to solutions such as Square Cash or PayPal.
During this bullish phase, Woo think that Bitcoin will prove itself as a macroeconomic asset for traditional investors while in the next phase the BTC would surpass gold to become the digital SoV.
So, is this symmetry?
Bitcoin again attacked the $ 12,000, without success; the BTC has fallen to the $ 11,330 level and is trading at $ 11,397 as of this writing. Supports at the $ 11,500 level gave in to yet another test following a downward correction.
Bitcoin is experiencing a drop of over $ 400 – more than 4% daily losses. Are the failed attacks of $ 12,000 the end of this bullish phase? Or are we entitled to the famous symmetry of the price of BTC who will bring it down to $ 10,000 before the bullish rally resumes?
Bitcoin still remains bullish but, therefore, the bulls will again have to face the historic resistance zone of $ 11,500 – $ 11,800. When you think it’s over and well, there is still more: the start of a new bitcoin price compression, a new routine between $ 11,000 and $ 12,000?
Litecoin, welcome in the Silver Age