In accordance with the statement released by Willy Woo, a Bitcoin technical analyst, those who are not going to give up on Bitcoin are still accumulating. Woo believes that as the on-chain indicators are pointing towards recovery, this is not a bear market and the asset is still being purchased by long-term holders.
What Bitcoin Did Podcast Showed Willy Woo Saying Long-Term Holders Buying Bitcoin
In an interview conducted on the “What Bitcoin Did” podcast on June 28, Willy Woo commented on it and stated that he does not believe that Bitcoin is in a typical bear market due to signs of buying.
Woo referred to the “Never Gonna Give You Up” hit song of 1980 by Rick Astley, a British pop artist, and stated:
“The ‘Rick Astley’ is the holder that keeps buying and never tends to sell much … And of course Rick was 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.”
In addition to this, he mentioned that we are in a conjectural phase and those coins that were sold earlier this year are slowly being absorbed by the long-term holders.
BTC Price Chart Movement Analysis
Woo released a statement after conducting the Bitcoin Price chart analysis that said that it is a cycle that is not similar to any previous cycle they have ever seen as the structure is fully different and said:
“The price right now is going sideways bearish, it looks like a Wyckoffian accumulation price pattern and so if that plays out we should have that last wick down to $28K-$29K which should have been the final test of the bottom. Everything on-chain looks like it’s in recovery.”
Moreover, addressing the current regulatory pressure in China and the United States, Woo said:
“It’s like Bitcoin is now fighting the Final Boss in a video game … it’s really up against the central bankers, and much earlier than we ever thought.”
