Willy Woo: The exponential Bitcoin bull market has not yet started under the BTC price ratio model

ChainCatcher message, crypto analyst Willy Woo stated on his personal social media that under the BTC price ratio model, an exponential Bitcoin bull market has not yet begun. The changes relative to Bitcoin halving indicate that the current cycle may structurally be a mix of the 2013 (strong demand) and 2017 (spot dominant) cycles. The year 2020 was a washout year controlled by derivatives.

Willy Woo described this BTC price model as a combination of three different price models moving relative to each other. These three price models are: 1. VWAP price (on-chain "investor" trading volume); 2. Realized price (cost basis); 3. CVDD price (long-term holders selling, also known as the "bottom" model).