According to crypto journalist Willie Wu, the holders of the first cryptocurrency are aimed at long-term accumulation of assets, so the current growth cycle will be unique.
Chinese cryptojournalist and analyst Willie Wu said in an interview with Bitcoin Fundamentals that the current "bullish" growth cycle for Bitcoin is very different from previous similar periods. Wu noted that the latest wave of bitcoin accumulation began at the end of last year, when institutional investors began to enter the digital asset market.
According to Wu, over the past year, serious investors have come to the crypto market with larger investments, they are focused on the long-term accumulation of digital assets. These factors indicate that the current growth cycle will be longer and will continue for about a year, the analyst is sure. In the current bull market, the price of bitcoin will exceed $ 100,000, Wu predicted.
“We are facing bullish gains over the next six months or longer. It could go on for another year, ”Wu said.
In August, the analyst already predicted that in October-November of this year, Bitcoin will begin to grow actively. Wu noted that the value of the first cryptocurrency will rise amid massive accumulation of assets by investors.
On October 20, the bitcoin rate renewed its historical maximum, exceeding $ 67 thousand. After that, the price of the asset began to decline. On October 28, the cryptocurrency is trading at $ 59.8 thousand, and its capitalization is $ 1.13 trillion, according to CoinGecko.