Reading time: ~ 1 m
Willie Wu Claims The First Cryptocurrency Has Recovered Potential In The Last Six Months After Panic Selloffs In May
The opinions of experts may not coincide with the position of the editorial board. RBC-Crypto does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
Chinese crypto journalist and analyst Willie Wu believes that Bitcoin is preparing to exit the global phase of accumulation, which has lasted since May this year. According to Wu, after the panic sales, as a result of which the rate of the first cryptocurrency fell to $ 30 thousand, it took the asset about six months to restore the balance between long-term and short-term holders.
In the first half of 2022, bitcoin is able to repeat the impulse growth that was observed in the first months of this year, the analyst said. From January to April, the value of the cryptocurrency increased by 121% (from $ 29 thousand to $ 64 thousand). According to Wu, the impulse growth of bitcoin may begin as early as January or February next year.
On December 24, Bitcoin is trading at $ 51, the asset has risen in price by 6% per day, and its capitalization has increased to $ 966 billion, according to CoinGecko. On November 10, the cryptocurrency updated its all-time high above $ 69 thousand.Since then, the coin has fallen in price by 26%.
Wu argued last week that retail investors are actively buying Bitcoin at the current market price. The last time retail shopper activity was so high was in March 2020, when WHO announced the start of the coronavirus pandemic. Then the price of bitcoin dropped below $ 5 thousand.
#analyst #predicted #phase #impulse #growth #bitcoin