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Famous Analyst: Data within the Bitcoin chain shows a return on price

Intra-chain data show that long-term bitcoin investors have not given up and are still accumulating assets. In addition, the volume of bitcoins in digital currency exchanges has reached its lowest level in the last 6 months.

to the the report Quinn Telegraph Willy Woo, a well-known Bitcoin analyst, believes that the market is not declining at the moment, as intra-chain indicators indicate price recovery and long-term investors continue to buy bitcoins.

In an interview with the What Bitcoin Did podcast on June 28, the well-known analyst said that he believes that the general trend of the bitcoin market is not declining, because the intra-chain data show that the accumulation of this digital currency continues.

Referring to one of the most popular songs of the 80’s called “Never Gonna Give You Up” performed by British singer Rick Astley, Wu said:

Rick Ashtley [مانند] It is an investment that keeps buying bitcoins and never wants to sell. Of course, Rick was very active during 2021, and suddenly all the currencies fell away from him and fell into the hands of weak investors who [پیوسته] They buy and sell. But now we see them return to Rick.

Wu also added that the market had recently entered a volatile phase and that coins sold earlier this year were being collected by long-term investors.

Peter McCormack, host of the podcast, said he has not sold any of his digital currencies so far and is confident about the future of digital currencies because he thinks good things are coming.

“This is a cycle we have never seen before, and it is structurally very different from the past,” Wu said of the recent bitcoin price chart.

He said:

The price is currently in a bearish range. It is similar to the Wyckoffian accumulation pattern, and if this pattern works correctly, Bitcoin will fall between $ 28,000 and $ 29,000, which is probably the last attempt to determine the price floor. All in-chain data also indicates price recovery.

The Santiment analytics platform provides similar data, showing that bitcoin holdings in digital currency exchanges are steadily declining and are being bought by long-term investors.

Well-known analyst Willie Woo: Data within the Bitcoin chain shows price recovery
Bitcoin volume chart available in digital currency exchanges

“The pressure is on regulators for bitcoins and digital currencies, mostly in China, the United States and the United Kingdom,” he said.

Bitcoin seems to be fighting the giant of the final stage of a video game. [بیت کوین] It is literally in front of the central banks, and it happened much sooner than expected.

At the time of writing, Bitcoin is moving in its 6-week volatility range, falling 3.7 percent to $ 34,653 in the past 24 hours.


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