Popular crypto analyst Willy Woo said that on-chain measures reveal that Bitcoin (BTC) is still in the bull market.
Woo, In the posts he shared on Monday He suggested that the recent price correction of bitcoin and altcoins resembled the Covid-19 “white swan” incident, which allowed money held on the sidelines to enter the market at low exchange rates. This means that the uptrend that started in October 2020 has not yet deteriorated and therefore the claim that the current four-year cycle is similar to 2013 with two peaks is invalid.
BTW a key observation here is that this is not looking like a 2013 double pump. It’s so far it’s structurally playing out like a COVID white swan where people on the sidelines took the opportunity to come in. (Other on-chain charts point to the same structure too) https://t.co/Pt4dcKchQ4
– Willy Woo (@woonomic) May 24, 2021
Woo explained, “Those with no cryptocurrencies are taking this opportunity to buy at the bottom price.” According to Glassnode’s data, the net number of occurrences on the Bitcoin blockchain is on the rise.
Bitcoin’s cycle in 2013 saw two peaks separated from each other by a giant 83 percent correction. Some analysts have suggested that after a 54 percent correction, Bitcoin may follow a similar cycle. In 2017, varying between 29 and 38 percent there were six corrections.
The correction experienced last week also allowed institutional investors and whales to collect BTC at the bottom price. Bitcoin whales increased their savings by 122,500 BTC in the crash on May 19.
Bitcoin, which has gained 4 percent in the last 24 hours, is being traded at $ 38,100 as of the translation release time.