The crypto market is making efforts to recover prices following recent corrections. At the moment, Bitcoin is trading in the red and the king coin is still struggling below $40k.
While some voices are saying that the king coin entered the bearish territory, analyst Willy Woo believes differently.
Crypto analyst Willy Woo is examining the on-chain metrics of Bitcoin (BTC) in order to see BTC’s current market state.
Bitcoin in the crypto market
Woo said that based on on-chain analysis, Bitcoin is not exhibiting a “bear market setup.”
“Structurally on-chain, it’s not a bear market setup. Even though I would say we’re at peak fear. No doubt about it, people are really scared.”
The on-chain analyst makes sure to explain that the high levels of fear in the market present an opportunity as an upward retracement is likely.
“It’s an opportunity to buy. You don’t often get this kind of pullback without it relief-bouncing even. You don’t sort of slide, slide, slide and then capitulate.”
He continued and said the following:
“We’ve come down from $69,000 to $33,000. It would be hard-pressed to capitulate from $33,000 down to say $20,000. Because that’s like retracing something like a 2018 bear market over two and a half months instead of a year right.”
Woo also said that demand for Bitcoin is definitely coming back as various investors resume buying.
He said that people who are long-time hodlers stopped selling, and they are rebounding. Woo said that we are definitely in an accumulation period.
Despite the multiple price corrections, BTC is seeing lots of optimistic predicitons these days, and the trend remains optimistic.
The other day, we were revealing that an important crypto trader is unveiling a scenario where Bitcoin (BTC) regains its bullish momentum and skyrockets over 80% this year.
The pseudonymous analyst DonAlt says that Bitcoin is trading in a wide range in the weekly timeframe between $33,000 and $60,000.
