Willy Woo says that the days of Bitcoin of tracking traditional markets are numbered. Thus, a long-term downtrend flips to form bullish support.
Statistician Willy Woo said that BTC (Bitcoin) might soon ‘decouple’ from traditional assets. It is because a key gold relationship breaks out of a long-term downtrend.
Woo forecasted, in a tweet on September 25, that Bitcoin would act as a successful startup in accruing now interest and going its own way.
He argued that adoption would follow a classic S-curve pattern. It is much in the same manner that the startup grows. Thus, it would take precedence over investors that look for a hedge against other assets.
Woo wrote that Bitcoin would decouple from traditional markets soon. Nevertheless, it will be driven by its internal adoption s-curve (startup-style growth) rather than changes in perceptions as a hedging instrument by purist investors.
Already, Fundamentals of user adoption broker all-time highs.
Both Bitcoin network hash difficulty and rate are at record levels, as Cointelegraph reported. Thus, it underscored the long-term appreciation and competitiveness of profitability among miners.
Moreover, Woo already predicted a breakaway from the current dependency of Bitcoin on factors such as the DXY (the United States dollar currency index). Thus, another chart highlighting that change can already be afoot.
Bitcoin’s price ratio versus gold was in a downtrend since the all-time BTC/USD highs in December 2017. Nevertheless, it broke to the upside when the pair reclaimed twelve thousand dollars at the end of July.
Resulting in a bounce to the upside, a subsequent retest of the trendline appeared to confirm new support.
Travis Kling is a hedge of crypto hedge fund Ikigai. Thus, he keenly noted the weekly chart performance over the past three years.
Meanwhile, words of Woo come as arguably this year’s biggest Bitcoin adopter. Nevertheless, Microstrategy denies that its move to purchase $425 million of Bitcoin was a hedge.