Analyst Willy Woo says investors are HODLing, not selling, the bull market

03 Jul, 2019
by David Borman
Analysis
Analyst Willy Woo says investors are HODLing, not selling, the bull market

It has been reported by Bitcoinist that twitter Bitcoin analyst Willy Woo has noted that this bull run definitely doesn't look like the previous two. The swift ascent looks closer to the 2012 bull run, he notes, and this is supported by a shift towards investors HODLing their Bitcoin more than selling or trading it.

Here is Woo's chart blown up:

Woo is observing that there is both a profile similarity as well as on-chain volume that matches the 2012 bull run for Bitcoin more than the 2014 or 2017 bull runs. He speculates that a combination of investors HODLing, as well as a rise of off-chain transaction options, such as the Lightning Network, is leading this decrease in transaction volume.

Woo then speculates that if this rally does follow the 2012 market cycle, that we may see a dip to below $9,000 before higher highs:

There is obviously no guarantee that history will repeat itself, but it is an interesting observation. Are we seeing aan evolution of the Bitcoin market? Stick with Chepicap for all price action updates!

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Alts INCREASING against BITCOIN! BTC shorts drop 67%! Subscribe to the Chepicap YouTube Channel for more videos!

Read more about: Bitcoin (BTC) Trading

Poll

Will Bitcoin test below $9,000 again?

(44 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage