According to Foresight News, cryptocurrency analyst Willy Woo has suggested that an exponential bull market for Bitcoin (BTC) has not yet begun, based on his BTC price ratio model. He said the current cycle could structurally be a mix of the 2013 cycle, which saw strong demand, and the 2017 cycle, dominated by spot trading. The year 2020 was characterized by “wash trading” controlled by derivatives.

Woo's BTC price model is the composite result of three different price models moving relative to each other. These include: 1. The VWAP price, which is the volume of “investor” transactions on the chain; 2. The realized price, based on cost; and 3. The CVDD price, which represents when the old ones sell, also known as the “bottom” model.