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Few analysts believe in selling bitcoin at this juncture as it shows the bearish sign. But there are few like Willy Woo who believe that this is just momentary and Bitcoin will bounce back to its glory. It is important to keep the coin for the long term as it will once again reap the benefits soon.
Where some analysts believe that the bitcoin future is in the doldrums and selling out on all the bitcoin they possess, some still have faith in the token and keep it in their kitty till the time it bounces back to its all-time high.
Among the list who is looking forward to a bullish turn for Bitcoin is Willy Woo, the bitcoin technical analyst who believes that the current situation is just momentary. It is not a bearish market because on-chain indicators are giving a green signal for asset recovery and it is still being purchased by long-term investors.
He further explains that bitcoin is for long-term investors and not short-term investors. He shared his opinion at a podcast show on June 28. He thinks that bitcoin is not typically in the bear market as the signs of accumulation are seen on-chain.
Bitcoin and Rick Astley are inseparable
Comparing bitcoin with the 1980’s song Never Gonna Give you Up, by Rick Astley, a pop sensation from the UK, Woo explained that Rick is a holder who keeps buying and never tends to sell much. He was very active in 2021 and then all the coins were moved to the speculative traders who buy and sell the coin. But now Rick is taking it all back, it is moving to the strong hands.
Speculation at its best
This is a speculative phase of bitcoin and the coins that other traders have sold are slowly being taken away by the long-term traders. They have faith in the coin to bounce back to its glory. While talking to Woo in a Podcast interview, the host Peter McCormack also informed that he also possesses bitcoin and had not sold them because he too feels that the coin will gain its strength back soon.
While looking at the present rally of bitcoin, Woo said that it is a cycle that is unlike seen by anyone. The underlying structure is different. The price of the coin is currently on the bearish side. It looks like a wyckoffian accumulation price pattern and if that plays out then the price will at the best go down till $28k-$29k, which should have been the final bottom. However, on-chain is giving the positive signal and looks like it is on the path of recovery.
Santiment, an analytics provider, is echoing similar views as of Woo and sees that the supply of bitcoin on the exchanges has fallen back down and the long-term holders are still buying the coin to keep it for the returns. This is a good sign for the bulls as funds are moving away from exchanges, which lowers the risk of major sell-offs.
Regulatory pressure
The current regulatory pressure has been surmounted by countries like China, the U.S. and the U.K. has pushed the prices of bitcoin down. Woo feels that Bitcoin is fighting the final battle with the Central banks which has happened much earlier than was expected.
For quite some time now countries like China, U.S. and UK are working on making more stringent laws on cryptocurrencies and mostly encouraging the digital currency issued by the central banks. They are advising the people to stop trading in cryptocurrency and look forward to investing in digital currency which is legal and issued by central banks.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
