Closely followed crypto analyst Willy Woo says that Bitcoin (BTC) is moving toward a major breakout phase.<\/p>\n
In a new interview with crypto channel host Scott Melker, Woo says that even though BTC is still recovering from the most recent crypto market pullback, its gearing up for a massive rally that should kick off during the first two months of 2022.<\/p>\n
Id say were not in the main run of the bull market. Theres a main run phase where its just going to go up, the momentum is strong.<\/p>\n
Were just coming out of a reaccumulation, we just had this massive sell-off in May, the sideways reaccumulation happened, and then there [was] that first tentative climb out, and often theres another sort of accumulation and then were off to the races.<\/p>\n
Thats when everythings strong. Thats the main phase of the bull run. Were not there yet. Were [still] recovering and setting up for it. I think were not going to get there until 2022. [The] early phase, January [and] February might be interesting.<\/p>\n
According to Woo, BTC may have had a weak December, but the next six months appear structurally sound due to a shift of token ownership from short-term holders to long-term holders.<\/p>\n
If were looking over the next six months, structurally, its pretty strong. What gives me confidence about that is that there are really a lot of coins that have been moved to long-term holders who have held their coins for five months or more, and so theyre at maximum accumulation.<\/p>\n
Theyre slowly divesting [and] as they do, the price runs up. They may take some profits but predominantly the coins are with long-term holders and bear markets dont usually start until the long-term holders [are] divested.<\/p>\n
Bitcoin is exchanging hands at $48,732 at time of writing, a 6.5% increase from its seven-day low of $45,782.<\/p>\n
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Continued here: Closely followed crypto analyst Willy Woo says that Bitcoin (BTC) is moving toward a major breakout phase. In a new interview with crypto channel host Scott Melker, Woo says that even though BTC is still recovering from the most recent crypto market pullback, its gearing up for a massive rally that should kick off during the first two months of 2022. Id say were not in the main run of the bull market Continue reading
\nOn-Chain Analyst Willy Woo Says Bitcoin Approaching Off-to-the-Races Phase Heres His Timeline - The Daily Hodl<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"