Pandemic's Impact on Bitcoin: A Flight to Safety

This chapter examines how major global events, especially the pandemic, have affected Bitcoin's price fluctuations. It draws parallels with historical market responses, highlighting changes in investor risk perceptions during times of uncertainty.

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Willy Woo, a prominent on-chain Bitcoin analyst and author of the “The Bitcoin Forecast,” a market intelligence newsletter, explains the parabolic activity of Bitcoin in the past month. We cover:

why he thinks Bitcoin has more than doubled in the last month
what the "double pump" market is and why Bitcoin may see two rallies this cycle
what stage of the Bitcoin bull market we are currently in
who is buying, and how they've differed from previous investors
who still is yet to buy this cycle
why Bitcoin hitting new all-time highs mean that we're in "uncharted price discovery"
how his "top cap model" shows Bitcoin could be around $95k by end of year
and how if certain trends accelerate, it could reach $200,000-$300,000 by year's end
how the pandemic impacted Bitcoin’s price
what on-chain movements he's seeing that make him call the current cycle of Bitcoin "whale spawning season”
how to gauge the increasingly rapid investor activity
what to expect from Bitcoin and Ethereum in 2021