- Analyst Willy Wu shared his thoughts on the future of the BTC market
- In his opinion, now the segment is far from the “bearish” phase
- the number of long-term holders and the behavior of institutional investors regarding the further development trend of the BTC cryptocurrency segment. According to him, there are certain markers that indicate that this market is far from the “bear” phase.
The analyst shared his thoughts on this as part of the What Bitcoin Did podcast from 20 January. In his analysis, he compares the current situation in the BTC market with the negative trend 1536 of the year when the exchange rate fell on 02%.
In favor of the fact that the cost bitcoin will level off, several factors say: a large number of long-term holders, an increasing rate of accumulation, and a relatively low percentage of new users.
Source:@woonomicAccording to Wu, in the short term, such a pullback is usually followed by a “rebound of relief.” At the same time, they are not afraid of the recession that overtook the segment in 1536 year. Now a completely different scenario is being played out on the market.
Wu believes that the basis of the steady decline in the exchange rate is the trading of institutional futures. It is these traders who dictate the price, however, as in the period from 2019 to 2020 year.
“Majority ” coins” lie on wallets for more than five months. Their owners are not going to sell at a loss, they are waiting for the right moment to make a profit. This will happen when the price levels off,” the analyst notes.
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Also, one of the signs of a slowdown in the decline is the behavior of key BTC holders. These investors switch to buying, which is encouraging.
Wu did not make any predictions when the BTC rate will creep up. But the analyst is confident that this will happen, and before the end of the year. We previously reported that the number of long-term BTC holders who transacted 5-7 years ago has peaked.
Source:@woonomic