• Wed. Jun 22nd, 2022

Growth in Bitcoin network users ‘near record’ according to chain analyst Willy Woo

Popular market analyst and commentator Willy Woo has revealed that he has seen signals suggesting that the growth in the number of Bitcoin network users is now “near an all-time high,” at a time when the price of bitcoin was between $ 40,000 and $ 30,000.

The analyst’s words came during an interview on the What Bitcoin Did podcast, in which Woo said he doesn’t believe the price of bitcoin is in a typical bear market, with on-chain signals suggesting that “people come in”. He said:

User growth is near an all-time high on the network. We all have the little guys coming in and buying and stacking. People who own less than one Bitcoin are buying Bitcoin with fury.

Woo added that “no one sells” and the whales only hold their funds, while people with 100 BTC or more in their wallets – “dolphins and sharks” – also keep their reserves as they are. , while people with fewer pieces “pile up”.

Analysts added that a specific type of holder “who keeps buying and never tends to sell a lot” that he called the “Rick Astley” type of holder, has been “very, very active” so far. ‘now this year and sold during the recent crypto market crash. Now, he says, the funds are flowing back to those holders.

Bitcoin, Woo said, as Daily Hodl reports, moves sideways into “what we call a Wyckoff accumulation price model”, referring to a Wyckoff accumulation diagram, which suggests that large cryptocurrency investors are building up positions while preparing for a surge in its price in the near future.

If the trend recurs, he added, the price drop to $ 28,000 should have “been the final test of the bottom” and may continue to recover from now on. Woo, as CryptoGlobe reported, predicted earlier this year that BTC could trade between $ 300,000 and $ 400,000 by December.

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.

Featured Image Via Pixabay

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