Bitcoin is now powering its engine for an approaching rocket launch. Some Bitcoin enthusiasts and analysts have given their views on the upcoming bullish phenomenon.

Based on the record found in CoinGecko, Bitcoin’s performance has been great over the past 60 days. It can be seen that Bitcoin was trading in a less volatile range of just over $ 9,000 per unit. This great result is attracting the attention of Bitcoin enthusiasts and analysts.

In July 2020, Willy Woo, a well-known Bitcoin chart analyst and co-founder of Hypersheet, tweeted that he was developing a new pricing model for BTC. According to Woo, this pricing model picks up the start of Bitcoin’s exponential upward trend.

The Woo chart published on Twitter

Woo went on to explain that the graph above shows how COVID-19 was a model that broke outliers, and the longer this bull market takes to end, the higher the peak price of BTC will be.
In addition, the model also shows that the leading digital asset can only be months away from flying to the moon. He also added that without the pandemic, there is a great chance that the bull market would have already started.

Source: Bitcoin.comSource:

Aside from Woo, Binance CEO Changpeng Zhao aka CZ also believes that Bitcoin will have an outbreak in the near future. In an interview with Bloomberg, he addressed the asset’s less volatile performance over the past few days.

CZ emphasized

I think sooner or later it will erupt, and right now Bitcoin is really stable – people have called it “stablecoin”.

Aside from CZ, Kraken’s growth lead Dan Held also believes Bitcoin is on the verge of a multi-year breakout that could trigger a new bull market. A report from the US-based exchange said that Bitcoin is only a 10% jump off a massive uptrend.

Also, there is over 97% of unspent Bitcoin Spending (UTXOs) that is already worth more than its price before it was. This is an indicator that Bitcoin is really heading for a bullish future.

Source: CoinGeckoSource: CoinGecko

In addition, there are also Bitcoin enthusiasts who are discussing the stability of the coin on crypto-filled community platforms such as Reddit. One specific post focused on the discussion of Bitcoin price, which looks much more stable since it was last halved in May.

Also read: Bitcoin price outlook after historical halving

When it comes to Bitcoin’s price stability and its bullish prediction, there are others who believe and others who don’t. The crypto market is a volatile market that can increase and decrease in value at any time. It’s always best to research how to invest in Bitcoin and how the crypto market works first.

Read More: Bitcoin Price Prediction: $ 100,000 Before The Next Halving In 2024

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