Bitcoin's Bull Market is Just Warming Up - BTC Analyst

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Summary:

Willy Woo has forecasted that Bitcoin’s bull market is just getting startedHe cites that retail investors reentered the space in January and will continue to do soA peak in new Bitcoin users and investors is yet to be reached in the current bull cycleBitcoin has regained $50k and could be gearing up for $52k and ultimately $55k

Veteran Bitcoin analyst, Willy Woo, has forecasted that the Bitcoin bull market is just getting started. According to Mr. Woo, new BTC retail investors started to arrive in January and their numbers are increasing at a rate that points to further growth of Bitcoin based on adoption.

Mr. Woo provided his analysis of Bitcoin through the following statement and accompanying chart demonstrating an increase of new BTC users alongside its price, since 2011.

Chart: The increase in Bitcoin users visible on its blockchain per day.

Retail investors arrived in Jan. Like prior cycles, I expect this peak to top out higher than the ones before it.

Gives you an idea how this bull market is just warming up.

1.36M Addresses Acquired 583,000 BTC Between $48.2k and $49.7k

Adding to Willy Woo’s analysis, the team at Bloqport has identified that Bitcoin is currently sitting at a strong level of support based on purchases of BTC between $48,200 and $49,700. The team at Bloqport identified that over 1.36 million Bitcoin addresses purchased a total f 583,000 BTC between the aforementioned price range hinting that many investors believe that it is a local bottom.

Bitcoin Reclaims $50k, Sets its Eyes on $52k and Possibly $55k

At the time of writing, Bitcoin has regained the important $50k support and is trading at $51,346. A brief glance at the charts reveals that Bitcoin is on a path towards reclaiming $52k at least in the short-term.

If this milestone is accomplished, $55k is the logical next area of interest with $58k being the final ‘big boss’ for Bitcoin in the month of March. Emphasis on the difficulty of $58k is based on the fact that March has a history of being a red month as seen in the following chart of monthly BTC returns, courtesy of Timothy Peterson of Cane Island Alternative Advisors.