Willy Woo Predicts That Bitcoin Bottom Is In And Bull Run Could Continue

According to top Bitcoin on-chain analyst Willy Woo, the on-going BTC correction should be over soon, and uptrend is what follows.

Woo discussed Bitcoin’s latest trends with Peter McCormack on ‘What Bitcoin Did’, and said that the on-chain fundamentals for BTC look healthy and that there’s nothing out of the ordinary.

Bitcoin has been trading in an accumulation range, and while it may be bottoming out, it doesn’t mean that what follows is a huge uptick, the analyst says.

“There’s nothing out of the norm happening here. It’s just very constant accumulation by long-term investors. It’s looking healthy. It’s not like this thing is going to blow out of the water, and there are not enough shorts in the system to squeeze it that fast. We’ve got longs in the system that need to cool off.”

According to Woo, BTC’s consolidation just means sideways trending, and coins ending up in the so called ‘strong hands’ (holders who are not selling the coins).

“I just see it as consolidation… Consolidation means it comes down and tests and then moves up without crashing. As it’s consolidating, demand is increasing, the HODLers are buying, the speculative guys… they’re holding strong for the swing trade while the HODLers are buying so there’s not a lot of selling.

If anything, we’re just waiting for the derivatives guys that are just in it for the short futures contract to give up on their long position and then get out of that trade.”

Looking into derivatives data, Bitcoin could be ready to resume its bull market within the next few days, Woo predicts.

“We’re getting quite close. The derivatives data I’m looking at, we’re probably within a few days away from the next leg moving up, just need to see the trend continue, but we’re very close to that consolidation bottom. Undoubtedly a lot of demand, a lot of coins being scooped up out of the exchanges.”