Bitcoin Has Outgrown Four-Year Halving Cycle: Willy Woo
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In October 2021, prominent on-chain analyst Willy Woo presented a Bitcoin market thesis dubbed “The Last Cycle,” which narrated his suspicions that the benchmark cryptocurrency no longer has a defined top. The theory postulated that Bitcoin’s price predictability from the observable demand and supply trend due to the four-year cycle no longer held as the current market has broken out of that path/cycle.
Woo argued that the current market is now an “unpredictable walk” with a more complex source of demand and supply influences. He added that The Last Cycle would remain relevant until Bitcoin adoption becomes saturated.
The analyst has come out recently to highlight indicators that support his theory, tweeting on Sunday that the first signs of The Last Cycle are already in play in the market. He added that the market had not followed the normal four-year cycle expectations of recent, which included one year of bullish momentum, one year of bearish momentum, and two years of recovery. Instead, Woo explained that there have been three short bull and bear markets since the 2019 crash.
Key Bitcoin Levels to Watch — March 22
Bitcoin has regained decent upward traction on Tuesday, following a plunge to the $41K support, where I predicted buyers would come aboard and retest the $42.2K barrier. As is observable on the 4-hour chart, the benchmark cryptocurrency bulls have obliterated the $42K resistance and now battle the $43K for dominance.
I stand by my forecast that we would see the price resurface above the $46K pivot area before the end of March, as trading sentiment becomes notably bullish and volume seeps into the market again.
On the flip side, any bearish action or resistance around this level, with the prevailing fundamental headlines, should get firmly repelled by the $41K support/pivot top.
Meanwhile, my resistance levels are at $43,000, $44,000, and $45,000, and my key support levels are at $42,000, $41,000, and $40,000.
Total Market Capitalization: $1.93 trillion
Bitcoin Market Capitalization: $814.3 billion
Bitcoin Dominance: 42.1%
Market Rank: #1
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