Widely-followed on-chain analyst Willy Woo says he’s seeing signs of furious Bitcoin buying happening behind the scenes.
In a new interview on the What Bitcoin Did podcast, Woo says he doesn’t believe that BTC is in a typical bear market as on-chain signals continue to show signs of accumulation.
“We’re not seeing the normal bear market metrics. People are coming in. We’ve got new users at near all-time high. The user growth is near all-time high on the network. We’ve got all the little guys coming in to buy and stack. People that have holdings of less than one Bitcoin are buying Bitcoin furiously.
No one’s selling. The whales are sideways. The people with 100 Bitcoin upwards, those are the dolphins and sharks, they are sideways. Anyone less than 100 Bitcoin, they’re stacking.”
On top of small Bitcoin holders, Woo highlights another cohort that he says is beginning to reaccumulate BTC.
“The ‘Rick Astley’ is the holder that keeps buying and never tends to sell much. That’s what we measure. And of course, Rick was very, very active over 2021, and then suddenly, all the coins moved away from Rick to the weak hands, the speculative traders that buy and sell. Now, we’re seeing that cross back into moving to Rick.”
As for Bitcoin’s current outlook, Woo believes BTC is in a stage where larger players are building positions as they gear up for the next phase of the bull market.
“Price right now is going sideways bearish. It’s like chopping along sideways bearish. It looks like what we call a Wyckoffian accumulation price pattern.
If that plays out, then that last wick down to the $28,000, $29,000, should have been the final test of the bottom. If that continues, everything on-chain looks like it’s in recovery.”
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