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Australian on-chain analyst Willy Woo told Peter McCormack on his ‘What Bitcoin Did’ podcast that Bitcoin’s latest correction looks to end soon and a next level up is expected.
According to Woo, Bitcoin’s on-chain fundamentals look strong with nothing much out of the ordinary to note. Trading in an accumulation range following the 20% dip since its all-time high of $69,000 Bitcoin, the analyst remains some reservation as not to expect an immediate blow out.
“There’s nothing out of the norm happening here. It’s just very constant accumulation by long-term investors. It’s looking healthy. It’s not like this thing is going to blow out of the water, and there are not enough shorts in the system to squeeze it that fast. We’ve got longs in the system that need to cool off.”
The analyst said that demand for the top cryptocurrency is currently coming from strong hands.
“I just see it as consolidation. Consolidation means it comes down and tests and then moves up without crashing. As it’s consolidating, demand is increasing, the HODLers are buying, the speculative guys… they’re holding strong for the swing trade while the HODLers are buying so there’s not a lot of selling.
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New players only. 175% on 1st Deposit + $75 Risk Free BetIf anything, we’re just waiting for the derivatives guys that are just in it for the short futures contract to give up on their long position and then get out of that trade.”
Following the consolidation, based on derivatives data, we could possibly be seeing Bitcoin resuming its bull market within the next week, Woo noted.
“We’re getting quite close. The derivatives data I’m looking at, we’re probably within a few days away from the next leg moving up, just need to see the trend continue, but we’re very close to that consolidation bottom. Undoubtedly a lot of demand, a lot of coins being scooped up out of the exchanges.”
Speaking to Natalie Brunell on her ‘Coin Stories’ two weeks ago, Woo unveiled some critical factors that Bitcoin (BTC) will have to deal with to continue rising upwards and setting new records.