Bitcoin is back. While BTC has slowed over the past 12 hours, falling to $7,700 after a rally to $8,350 on Coinbase, the market still looks extremely bullish in the eyes of many prominent analysts. In a Twitter post released Tuesday, Willy Woo, a well-known researcher, technical analyst, and statistician, noted that throughout Bitcoin’s ten years as a tradable asset, a single trend has always resulted in “bull season”.
This trend, as Woo explains, is BTC holding above its 200-day moving average for “any sizeable time”, which is around eight weeks. He adds that even if the cryptocurrency market were to pull back from here, BTC is likely to find support above the moving average, drawing attention to a “super conservative trend line”. He goes on to say that as such, he is 99% sure that the bull market is finally coming to life.