It’s been just revealed that the on-chain analyst Willy Woo is addressing the current state of Bitcoin in the market. Check out the latest reports below.
Willy Woo addresses the state of Bitcoin
Willy Woo, the popular on-chain analyst, believes that Bitcoin (BTC) is in the process of carving a bottom following the high-profile collapse of FTX.
In a recent interview with crypto analyst Scott Melker, Willy Woo said that there are on-chain signals that are telling him that Bitcoin has a lot of buyers at BTC’s current price range even after the implosion of FTX.
According to Woo, Bitcoin is now trading sideways between a narrow range of $16,000 to $18,000.
Woo stated the following:
“Certainly the indicators I have are showing, when you see a lot of coins moving and the price going sideways, that’s a sure sign of accumulation. And so that’s been happening. I’m tracking it. That’s the reason why it’s going sideways…”
He continued and said this:
“The indicators had bottomed. Particularly one [that] I was looking at was really supply that’s underwater. Every single cycle, there’s a trendline. It trends downwards, it trends downwards, and when that trendline breaks to the upside, it’s always happened in the middle of an accumulation zone. And it broke in that sideways before the FTX debacle.”
Check out the Daily Hodl’s original article in order to learn what more Woo had to say.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $17,027.
BTC gets ready for a price surge
It’s been just revealed that the popular crypto analyst InvestAnswers says that an on-chain signal is suggesting that Bitcoin (BTC) is way overdue for a rally.
In a new strategy session, the analyst is checking out Bitcoin’s realized price (RP) metric. This records the value of all BTC at the price they were bought, divided by the number of coins in circulation.
The analyst points out that historically, BTC has not stayed below the RP for long. Check out our previous article in order to learn more details about all this.