Bitcoin has crossed the $8000 mark, and investors are salivating at the prospect of the market continuing with its rise and on towards an all-time high – that may still be some time off, but the prospects are not unlikely.
The 200 day moving average, which Tom Lee of Fundstrat has pointed as being an important indicator of a bull market, is being viewed by many as a pointer for where the market might go. Noted crypto analyst Willy Woo has tweeted the same, saying,
In BTC's 10yr trade history, crossing above the 200 day moving average (blue line) for any sizeable time (say 8wks+) has signaled bull season. Even a super conservative trend line support puts us above the 200DMA.
Bull season is now 99%. pic.twitter.com/g433INi4pA
— Willy Woo (@woonomic) May 14, 2019
Willy Woo recently analysed Bitcoin as a payments company as opposed to a digital currency, and mentioned that if it were so, it would have made $300 million in sales. – despite the great crash of 2018.
If Bitcoin was a payments company this would be its sales…
Total fees paid to miners by year:
2010: $3.8k
2011: $33k
2012: $66k
2013: $2.2m
2014: $2.5m
2015: $2.3m
2016: $13.6m
2017: $555m
2018: $296m pic.twitter.com/ccGDkpZsNK— Willy Woo (@woonomic) February 16, 2019
All signs point to a healthier market. Another prominent trade, Peter Brandt, who called both the 80% drop in 2018 and the current bull run, has also said that good trends are likely.
