Despite the massive corrections that we are seeing in the crypto space these days, various signs are showing us the fact that Bitcoin is definitely still bullish.
Check out what Willy Woo had to say recently about something that retail traders are doing at the moment.
The last time retail bought the dip this hard was at the bottom of the COVID crash.
Probably nothing, few, etc etc. pic.twitter.com/HuxNxYMl48
— Willy Woo (@woonomic) December 14, 2021
Woo continued and said: “PS. True bear markets happen not from sellers but when we are out of buyers. This is why macro tops are highly volatile; buy side liquidity drops away.”
He also said: “Final note: The data in this chart will over estimate the buying due to the underlying way BTC UTXOs work and the methods used to determine and cluster addresses into individual investors.”
I switched the data source to Glassnode’s entity adjusted volume. It is subject to drift according to their clustering forensics which gets better as more data on coin movements between unknown addresses come in. I may switch it back to a non-drifty source of volume for NVT.
— Willy Woo (@woonomic) December 14, 2021
He said that there is no sign of a sell-off cascade in sight. Not too long ago, he also said that the long-term hodlers are reaching peak accumulation and BTC tends to start a strong rally that allows long-term, hodlers to unload their holdings to a new batch of short-term holders.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $48,358.
Realistic Bitcoin prediction
Crypto analyst Benjamin Cowen said that Bitcoin has fallen below the bull market support band, which is notable because altcoins also tend to fall in price against BTC when this occurs.
“The problem is when we’re down here [current low] and have shakeouts, is that altcoins never quite recover to where they were before Bitcoin had its previous shakeout.”
He also told followers that they should remain realistic regarding BTC’s price.
