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Bull-Run Good for One More Year, Analyst Willy Woo Says
According to on-chain analyst Willy Woo the crypto bull run can easily continue for another year by considering recent Bitcoin accumulation trends.
Speaking to Preston Pysh on his Bitcoin Fundamentals show, Woo notes that the long-term Bitcoin holders are much wealthier than in other bull cycles, which is a positive signal for the top cryptocurrency.
Woo says that the new wave of Bitcoin investors are seen long-term holders, and that this group is putting significant buying pressure on the market.
“From the fourth quarter of last year, we effectively saw the last generation of those long-term holders start to sell down. And these new guys came in to buy. They were high-net-worth purchasers. They were family offices, high-net-worth individuals that were buying significant amounts of $1 million exposure at a time. So, they weren’t retail, and they were buying and buying and buying.”
The analyst adds that these new investors will power Bitcoin’s surge past a $100,000 pricing.
“We’re at that point now where all the new guys that bought in during the first half of this year, they’re now long-term holders and they’re at peak. They’re providing the lock-up that’s necessary to drive us into the six-figures.”
Furthermore, based on what Woo is seeing on-chain, hints towards an extension of the current cycle with the green light on for possibly at least another year.
“And that’s why we’re in peak right now, because it’s been five months since they bought in. The last wave of those long-term holders sold to them. And so we’re at that point now, the aged. But all the new guys we brought in the first half of this year, and now these long-term holders, and they’re at peak. And so they’re providing the lockup that’s necessary to drive us into the six figure. I’m pretty certain that we’re going to go past six figures in Bitcoin in the next, I can’t say which month, but in the next six months, looking at this demand and supply structure. That’s what? Another 50% climb, we’ll be there. I think we’re going to do that, almost certainly over the next six months, probably much sooner. It could be in a month or two, or a week or two, the way things are going. But this is a high reliability metric to say we are in for a bull run for the next six months or even longer.”
“It could go for another year. So it’s a very good time to be accumulating that we’re just coming out of this re-accumulation phase, and can see that on-chain very, very clearly. As we did this step, it was an accumulation. It was not a bear market.”
The On-chain analyst also told his Twitter followers that the current cycle seems just a warm-up for what is still to come.
$29k → $67k in 3 months.
Are we overheated?
No, just lukewarm. pic.twitter.com/qL84LmcA1w
— Willy Woo (@woonomic) October 27, 2021
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Author: Peter Siu