Crypto analyst Willy Woo said that the Bitcoin bull rally has not yet reached its peak. While doing his analysis, Woo compared it to the 2017 bull run.
Willy Woo said that the Bitcoin NVT premium value has not yet reached the bull rally levels of 2017, so the current bull run has not yet peaked. The analyst explained his analysis, referring to the NVT and NVT premium values.
Bitcoin bull rally has not peaked yet
The NVT (Network Value to Transactions Ratio) value, developed together by analyst Willy Woo and Coin Metrics, is obtained by dividing the market value of Bitcoin by the total USD transaction volume realized in the BTC network. A high NVT value can be interpreted as a sign that investors have started to hold their BTC or that a bubble is formed, according to Woo.
The NVT premium value shown by Woo in his last analysis is obtained by the ratio of the speculative market price to the market price directed by the investors. As per this value, Bitcoin is currently in a speculative phase. Willy Woo showed that the NVT premium value, which he called speculatively in his comparison with the two previous bull rallies, had not yet reached the value seen in 2017.
“The rally has not peaked yet,” analyst said, as the NVT premium value has not yet reached the level of the 2017 bull rally. said.
Woo commented on the above-normal speculative premium value between 2018 and 2019. The analyst said at that time that the BitMEX cryptocurrency exchange led the rise of derivative transactions. After referring to Michael Saylor, the analyst stated that with Saylor’s spot Bitcoin purchases over BitMEX, the exchange’s derivative market dominance has declined.