On-Chain crypto analyst Willy Woo predicts incoming volatility that could thrust Bitcoin’s price higher, taking out this year’s all-time high. According to the seasoned analyst, most of whose predictions have come to fruition noted that BTC’s dormancy had bottomed and expects the next bull cycle to be more aggressive.
No Bear Market in Sight
On Sunday, he shared a chart indicating that the fundamentals of user growth on the network are solidly bullish. The asset had been going parabolic in tandem with Bitcoin’s price since 2010 and there were structural signs of a bear market in sight. He maintained that the squeeze experienced in the last few weeks has been a result of supply shock divergence, and had resulted in a breakout between 17th and 24th July, as is now being witnessed.
He further noted that the eight-day consecutive bullish days spanning from 21st to 28th July were very special from an on-chain perspective, as they indicated a lot of buying volume where everyone was buying, from shrimps to whales.
“We’ve not seen a pattern like this looking back 10 years,” he said.
Focus On the Big Picture
In an interview on the same day, Willy further explained his reasons for predicting the incoming bull cycle using a simplified glass node chart depicting past and current market activity on bitcoin.
He noted an increase in exchange inventories in the long term as more retail investors jump in and trust exchanges to hold their coins. He also shared a similar ETF chart showing the rising trend in Institutional investors who are scooping up coins and locking them up in funds, such as Grayscale. According to the chart, the number of Bitcoins being held in whale wallets was decreasing signaling increased decentralization, which he lauded as being good for Bitcoin.
“If you’re interested in Bitcoin going from 763 micro pennies to $42,000 over 12 years, you are interested in whales reducing their holdings and the masses holding it…I mean don’t get locked up in the short-term game, look into the long-term picture. Are your Bitcoins going to be worth $500,000 or a million dollars in the next ten years? That’s the game you should be looking at” He said.
Whereas it shall be remembered that in December, the analyst projected that Bitcoin would likely hit $200,000 or better yet $300,000 before the end of 2021, stating that he had never been so bullish about the asset, the year is still far from ending for such a volatile asset and only time shall vindicate him.
via ZyCrypto