According to the Cointelegraph, Willy Woo, Bitcoin’s Famous Analyst believes that market isn’t descending at the moment, because the OnChain indicators show signs of price recovery and long-time investments, still intend to buy Bitcoin.
He believes that Bitcoin’s OnChain data shows that long-tine investors are still accumulating their properties. Furthermore, Bitcoin’s available mass in cryptocurrency exchange has reached its lowest price in the last 6 month and therefor planned sells had an emotional decrease.
This known and famous analyst said in his June 28th interview with the podcast “What Bitcoin Did”: the total flow of Bitcoin isn’t decreasing in the market, because that OnChain data shows signs of accumulation of this cryptocurrency.
Willy Woo referred to one of the most famous songs of the 80’s called “Never Gonna Give You Up” performed by British singer Rick Astley and said:
“Rick Astley is an investor that keeps buying Bitcoin and Never intends to sell it. But Rick has been very active in 2021 and suddenly all the currencies are away from him and are in the hands of some weak investors that keeps buying and selling them. But now we are watching them going back to the Rick.”
Woo also added that market has recently went to an oscillating phase and long-time investors are collecting Bitcoin’s that was sold at the first of this year.
Peter McCormack, the host of the “What Bitcoin did” podcast said that none of the digital currencies has been bought and he is confidence about these digital currencies future.
Woo talked about Bitcoin’s recent price chart and said that this is a cycle that we have never seen something like it and is structurally completely different to what we’ve experienced. He said:
“the price of Bitcoin is the at an oscillating period at the moment. It looks like Wyckoffian Accumulation pattern and if it works that way Bitcoin’s price is going to fall to 28,000 and 29,000 dollars range that is probably the last attempt to specify minimum price. All OnChain data is also showing the price marketing.”
Also Sentiment Analysis platform is showing data that completely is similar to Woo’s statement that shows Bitcoin’s stock is decreasing continuously in the cryptocurrency’s exchange and long-time investors are buying it at the moment.
Wu pointed to the pressure of regulators on Bitcoin’s and cryptocurrency’s, most of which are related to countries such as China, the United States and the United Kingdom and said:
“it looks like that Bitcoin is fighting the last boss fight in a video game. It’s (Bitcoin) is Literally against the central banks and this happened a lot sooner than what we expected.”