Bitcoin is now fuelling its engine for a nearing rocket high launch. Some Bitcoin enthusiasts and analysts have expressed their views about the upcoming bullish phenomenon.
Based on the record found in CoinGecko, the performance of Bitcoin has been doing great in the last 60 days. It is seen that Bitcoin has been trading in a less volatile range just above $9k per unit. This great outcome invites the attention of Bitcoin enthusiasts and analysts.
In July 2020, Willy Woo, a well-known Bitcoin chart analyst and the co-founder of Hypersheet tweeted that he is developing a new price model for BTC. This price model, as per Woo, picks up the start of Bitcoin’s exponential bullish run.
Woo further stated that the graph above shows how COVID-19 was a model breaking outlier, and the longer this bull market takes to wind up, the higher the peak price of BTC will be.
In addition, the model also indicates how the leading digital asset can be a few months away from flying all the way to the moon. He also added that if it wasn’t for the pandemic, there is a big chance that the bull market would have started already.
Aside from Woo, the CEO of Binance, Changpeng Zhao aka CZ, also believes that Bitcoin will have a break out in the near future. In an interview with Bloomberg, he addressed the less volatile performance of the asset in the last couple of days.
I think sooner or later it’s going to break out, and right now bitcoin has been really stable — people have been calling it a ‘stablecoin’.
Aside from CZ, Growth Lead of Kraken Dan Held also thinks that Bitcoin is on the verge of a multi-year breakout that could trigger a new bull market. In a report made by the American-based exchange, it says that Bitcoin is just a 10% jump away from entering a massive upward trend.
Also, there are over 97% of Bitcoin unspent outputs (UTXO’s) that are already worth more than its price before. This is one indicator that Bitcoin is really headed to a bullish future.
Furthermore, there are also Bitcoin enthusiasts that discuss the stability of the coin in crypto-filled community platforms like Reddit. One specific post has been focused on discussing the Bitcoin price looking much more stable since its last halving event in May.
Read Also: Bitcoin Price Outlook After Historic Halving
When it comes to Bitcoin’s price stability and its bullish prediction, there are others that believe in it and others that don’t. The crypto market is a volatile market that could increase and decrease its value anytime. It is always best to conduct research first on how to invest in bitcoin and understand how the crypto market works.