This Bitcoin on-chain analyst says retail hasn’t “bought the dip this hard” since the Covid crash. The price of BTC remains in bear territory despite a bullish market, with some traders claiming it could go to $3,000 soon. How will volume hold? Will retail be able to buy into it before there is another crash?
The “crypto daily” is a blog that provides news and analysis for the cryptocurrency community. The author of this article, says retail hasn’t “bought the dip this hard” since the Covid crash.
Market watchers are wondering how the year will conclude as the Bitcoin price remains stubbornly sideways–is there time for another surge or will the support near $46.000 cave?
Despite the recent tight trading range, Willy Woo, a well-known Bitcoin on-chain expert, pointed out evidence that suggest no symptoms of a bear market.
Is there a significant price increase on the horizon?
Retail investors are taking advantage of the unfavorable price movement, according to Woo, by buying the dip more than normal.
Woo said on Twitter, with a retail accumulation chart, that “the last time retail purchased the drop this hard was at the bottom of the COVID fall.”
The last time retail purchased the decline so aggressively was during the COVID collapse.
Probably nothing, very few, and so forth. pic.twitter.com/HuxNxYMl48
December 14, 2021 — Willy Woo (@woonomic)
“Probably nothing,” he continued, leaving it to his 925.400 followers to determine if the measure is indicating a resurgence of bullish momentum is imminent.
“True bear markets occur when we run out of buyers, not when we run out of selling,” he concluded.
There are no indicators of a further sell-off escalation.
Woo said earlier this week that on-chain investor demand is not displaying indicators of a bear market.
Purchasing the dip that has been visualized (spot volumes seen on-chain). It has been occurring, it is mild, and there are no indicators of a larger sell-off cascade as of yet. Longs have already been flushed, so bear that in mind. pic.twitter.com/j5cjUOIGmA
December 13, 2021 — Willy Woo (@woonomic)
“Long-term holders have been selling down and collecting gains,” Woo said in his latest newsletter, “but as a cohort they continue to be in an area of peak accumulation.”
Long-term holders (LTHs) are individuals who have held a currency, in this instance Bitcoin, for more than five months, and Woo views them continuing in a zone of peak accumulation as a sign that “we are still in a positive macro environment.”
“Despite the panic in the market, fundamentally we are not set up for a bear market,” he continued. “Bear markets coincide when these holders have sold of their coins.”
The expert said that “there are no signals of a further sell-off cascade” as he concentrated on HODLers purchasing the dip.
Purchasing the dip that has been visualized (spot volumes seen on-chain). It has been occurring, it is mild, and there are no indicators of a larger sell-off cascade as of yet. Longs have already been flushed, so bear that in mind. pic.twitter.com/j5cjUOIGmA
December 13, 2021 — Willy Woo (@woonomic)
It remains to be seen if support or opposition will collapse.
Posted in: Analysis, Bitcoin
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The “decrypt” is a Bitcoin on-chain analyst who believes that retail hasn’t “bought the dip this hard” since the Covid crash in 2014. He believes that people are selling because of fear, and not because they need to cash out.
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