Bitcoin technical analyst Willy Woo believes that this is not a bear market because indicators on the chain indicate a recovery and long-term holders are still buying the asset.
This popular analyst’s comment comes from “What did Bitcoin do“ podcast On June 28, Woo stated that he did not believe that Bitcoin was in a typical bear market because it showed signs of accumulation on the chain.
Speaking of the hit song “Never Gonna Give You Up” by British pop singer Rick Astley in the 1980s, Woo said:
“‘Rick Astley’ is a holder who keeps buying but never tends to sell too much…Of course, Rick was very active in 2021, and then suddenly all tokens were transferred from Rick to weak hands-speculation Traders buy and sell. Now we see that the cross is back to where it moved to Rick.”
He added that we are currently in a speculative phase and the coins sold earlier this year are slowly being Long-term holder.
Podcast host Peter McCormack revealed that he has not sold any crypto assets and is still confident because “there are still too many things happening and good things are happening”.
related: Three words from traders on Bitcoin and the bull market
Analyzing the current Bitcoin price chart, Woo said that this is a different cycle than what we have seen, because the underlying structure is completely different. He says:
“The price is now bearish sideways and looks like a Wyckoff cumulative price pattern, so if this happens, we should reduce the last wick to $28,000 to $29,000, which should be the final test of the bottom. Everything on the chain seems to be recovering.”
Analysis provider Santiment seems to have noticed similar data and pointed out that the supply of Bitcoin on the exchange has steadily fallen and is locked for safekeeping by holders.
The following #BitcoinThe fall in mid-May, the supply Bitcoin The assets sitting on the exchange have fallen steadily and have been locked for safe custody by holders.This is a good sign #Bull team, With the withdrawal of funds from the exchange, the risk of a sharp sell-off is reduced. https://t.co/ABkcih9ea1 pic.twitter.com/NqU3ljRyIH
-Santiment (@santimentfeed) June 30, 2021
Commenting on the current escalating regulatory pressures in China, the United States and the United Kingdom, Woo said:
“It’s like Bitcoin is now fighting the final boss in a video game… it really has to fight against the central banker, and it’s much earlier than we thought.”
According to CoinGecko data, at the time of writing, Bitcoin was trading within its six-week range volatility channel, falling 3.7% to $34,653 in the past 24 hours. According to Cointelegraph, Traders have been focusing on three key areas For monthly candles closed.
