Current Bitcoin Price Action Like That of Pre-2017 Mania, Says Analyst

As reported by News BTC, “Popular on-chain technical analyst Willy Woo believes that Bitcoin is currently in the early phases of another huge bull market. He appeared on former Wall Streeter and Bitcoin proponent Tone Vays’s YouTube channel earlier today to discuss the market.

“In addition to Bitcoin price action resembling that of the period just before the run that took BTC to nearly $20,000, Woo introduced a new technical indicator that he will publish in the coming week. Traders can use the VWAP Ratio to identify tops and bottoms in the Bitcoin market.

“Appearing as part of a loaded lineup alongside Murad Mahmudov and David Puell on Tone Vays’s Trading Bitcoin show, Woo discussed how various indicators suggest to him that the market is not done growing for this cycle yet. Woo first brought up the MVRV Ratio, developed by the show’s other two guests, to conclude that the current price point was ‘nowhere near a top.’

“The ratio compares the market capitalisation (the current price of an asset multiplied by the number of those assets in circulation) with the an alternate measure of network valuation, Realised Cap. Developed by Nic Carter and Antoine Le Calvez at Coinmetrics, Woo writes on his blog that the ratio is useful for determining when Bitcoin is above or below a ‘fair price’ and, therefore, for judging tops and bottoms.

“The MVRV Ratio suggests to Woo that Bitcoin is only part way through its current bull cycle. He compares the current market cycle with that of the previous bull run, stating that the price action appears to be similar to that of mid-2016, as well as that prior to the 2013 bull mania.”

Continue to read the full story at News BTC.

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