Before this week on-chain annotator Willy Woo released a new price model for Bitcoin (BTC). The model identifies the start of exponential Bitcoin balderdash runs based on historical data. According to the model, Bitcoin may be just one calendar month abroad from an official balderdash market place.

Volition a BTC bull marketplace begin in July?

The toll of Bitcoin was hovering around $10,000 in Feb earlier the coronavirus pandemic led to the U.Due south. stock marketplace to correct sharply. At that time, analysts expected BTC to pull back as the cost had also rejected at $10,500 which is a pivotal resistance level.

Surprisingly, Bitcoin price dropped rapidly as it fell below $6,000, ultimately dropping to a yearly depression at $3,600 on BitMEX. This caused mayhem in the cryptocurrency market equally more than $1 billion worth of leveraged positions were liquidated.

According to Woo, Bitcoin was positioned for a bull market before the coronavirus pandemic afflicted nearly all risk-on markets. Woo's new model, which accurately marked the start of 4 previous bull runs, indicates Bitcoin is preparing for another uptrend in the near-term.

Woo said:

"This is a new model I'1000 working on, it picks the start of exponential bull runs. 1) Bitcoin was setting upward for a bullish run until the COVID white swan killed the party. two) This model suggests we are close to another bullish run. Maybe some other calendar month to become."

A new Bitcoin price model

A new Bitcoin price model. Source: Willy Woo

If the price of Bitcoin remains stable for longer, Woo said that it could strengthen the next breakout. Furthermore, Bitcoin has shown a relatively low level of volatility for well over a month, defending the $nine,000 support level.

The annotator further explained:

"The longer this bull market takes to current of air up, the college the peak price (Top Cap model). A long sideways accumulation ring is ultimately a good affair."

A long period of consolidation under a multi-year resistance level such as $ten,500 is oft considered as a positive factor because it shows buyers are attempting to alienation a central level but there is not enough selling pressure to counter information technology.

Boosted factors point to a balderdash run

Since March, the cost of Bitcoin has recovered from the sub-$4,000 area without a major correction and along the fashion the traders take defended major back up levels at $5,800, $6,500, $8,100, and $8,600.

Cryptocurrency trader Nunya Bizniz said the market structure of Bitcoin remains intact despite contempo dips in the price trend of Bitcoin. The analyst said:

"The upwards tendency has morphed into more of a sideways design and has experienced some dips lately. All the same, market structure remains intact. The series of college lows has non been broken. Does this pattern proceed to concur?"

Support levels Bitcoin defended since March

Back up levels Bitcoin defended since March. Source: Nunya Bizinz

What is important to retrieve is that despite the current corrections, Bitcoin toll remains in an uptrend even as it moves sideways in a consolidation phase. This confluence of bullish macro factors and the resilience of cardinal Bitcoin support levels heighten the probability of a stiff bull market in the medium to long-term.