Crypto analyst Willy Woo posted on X platform that according to the BTC price ratio model, the exponential Bitcoin bull market has not yet begun. The change in signals relative to the Bitcoin halving time suggests that the current cycle may be a hybrid of the 2013 (strong demand) and 2017 (spot-dominated) cycles in structure. 2020 is a year of wash trading controlled by derivatives.
Its model comprehensively considers 3 price models, including VWAP price (on-chain investor trading volume), realized price (cost basis), and CVDD price (veteran selling, also known as the bottom model).