Bitcoin (BTC) Assessment by Doyen Analyst

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Cryptocurrency strategist and analyst Willy Woo said that Bitcoin whales are collecting large amounts of BTC, which is a positive sign for Bitcoin’s future.

Making a statement on his Twitter account, Woo called the “tip of the iceberg” that the company Square, headed by Twitter’s CEO Jack Dorsey, received 4,709 BTC and MicroStrategy’s 38,250 BTC.

“I haven’t seen such an opportunity since 2016”

Woo drew attention to the decline of 250,000 BTC in speculative BTC stocks in the stock markets in the last eight months. According to CoinMarketCap, the total value of speculative BTC stock on exchanges at the time of writing is approximately $ 2.762 billion. According to the strategy, huge amounts of newly purchased BTC are most likely in the hands of billionaires. The analyst explained that this is a very optimistic development with these words:

This is one of the few times in my Bitcoin career when the basics (on-chain data and metrics from infrastructure players) were in moon mode, but the market didn’t wake up to it. It will happen in 2021. This is an opportunity I haven’t seen since mid-2016. Price action is a highly lagging indicator of underlying demand and supply because the market ‘does not wake up’. The frenzy stages of a bull market are when everyone is “awake” and it’s too late. Currently the supply is sucking.

In the first days of October, the Commodity Futures Trading Commission (CFTC) charged BitMEX and all affiliates, claiming that BitMEX was working illegally in addition to supporting money laundering by not implementing the necessary procedures. The development that led to the arrests and resignations partially caused panic in the market. Unlike many analysts, Woo said what happened was unnecessarily exaggerated and the BitMEX incident was a positive development for Bitcoin. According to the crypto analyst, the BitMEX event is an extremely good development for the long-term health of the cryptocurrency industry.

See Also
Bitcoin Prediction from Analyst Predicting the 2008 Crisis

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