Cryptocurrency Market Rises for Two Consecutive Days, Bitcoin Touches $67,248
Bitcoin reached $67,248 at one point, and concerns about a deep correction in the market seem to have eased.
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Bitcoin Reaches 67K
Cryptocurrency Stocks Also Recover
Willy Woo: Bull Market Has Not Started Yet
Bitcoin Reaches 67K
Three days have passed since the Bitcoin halving, and BTC has been on an upward trend for the past few days, with a nearly 10% (9.04%) increase since the 18th.
ETH, on the other hand, has maintained its level at $3,200, with an increase of about 7.99% during the same period.
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BTC 1H|OKX
Cryptocurrency Stocks Also Recover
Cryptocurrency-related stocks, including Coinbase (COIN) and MicroStrategy (MSTR), rose by 7% and 12%, respectively.
Mining companies Riot Platforms (RIOT), Hut 8 (HUT), and Marathon Digital (MARA) have also seen increases of 39%, 24%, and 19% since the 18th.
Previously, CoinShares, Wall Street investment bank Bernstein, and JPMorgan Chase had all expressed optimism about the future of mining stocks.
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RIOT, HUT, MARA 1H
Willy Woo: Bull Market Has Not Started Yet
Bitcoin fundamental analyst Willy Woo points out through a price model that the explosive bull market for Bitcoin has not yet started:
Indicators suggest that this cycle may combine the characteristics of the 2013 (strong demand) and 2017 (spot-driven) cycles.
The chart in his tweet is a composite indicator obtained by comparing three different price models:
VWAP price
(on-chain “investor” trading volume)
Realized price
(cost basis)
CVDD price
(long-term holder sell-off, also known as the “bottom” model)
The chart shows that the Bitcoin indicator is still far from the top of the bull market, but with more bull markets, each peak tends to be lower.
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