Popular crypto analyst Willy Woo predicted that Bitcoin will likely experience a bullish breakout in October of this year. He predicted this even as the index posted a strong showing, rising above $67k. Some analysts were quick to predict an immediate bullish outlook for the premier digital currency, but Willy had none.
He tweeted:
In addition to predicting the resumption of the long-term bull market before October, Woo also claimed that 2025 would be a record year for Bitcoin. He focused on global liquidity statistics to make the projections.
Price Action
Bitcoin was largely sluggish for most of this month. However, the largest digital currency by market capitalization shed some value a few days before press time, followed by a half-hearted recovery. Here is how BTC performed earlier today on Bitstamp:
Time to Jump on the Bullish Bandwagon?
Several analysts, including Willy’s colleagues on X, were quick to jump on the bullish bandwagon and declare the resumption of the bull market.
Woo is known for his analytical approach and is a Bitcoin maximalist.
This small rally coincided with relatively positive US Labor statistics, so it could just be an anticipation of the US Federal Reserve cutting interest rates.
Has the Bull Market been Revived?
According to crypto billionaire Mike Novogratz, Bitcoin is likely to fluctuate between $55k and $75k for the time being until another favorable external indicator presents itself. The furor around the Bitcoin block reward halving, aka Bitcoin halving, and the spot ETF approval has died down.
While the trading range suggested by Novogratz is quite broad, it provides a sound basis for the future. Any mediocre move between $60k-$70k will not revive the long-term bull market, that is for sure. The upward forces need to move above the new all-time high of $73k to change their fortunes.
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