Willy Woo: We Haven't Seen This with Bitcoin Since COVID Bottom

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Currently sitting at $48,000, Bitcoin has been trading sideways for the past month now. While some crypto analysts are calling for a bear market and maybe even hoping for one, Willy Woo continues to express that we are not in a bear market. Willy Woo recently did a live technical analysis, which we featured in a previous video, showing various charts on why we are just experiencing a dip. Willy Woo once again shared his analysis on why the bears have not taken complete control of the market, but this time it was via Twitter.
In the first in a series of tweets to his over 900,000 followers, Willy Woo presented a chart demonstrating the amount of bitcoin that retail traders have been acquiring, and wrote “The last time retail bought the dip this hard was at the bottom of the COVID crash. Probably nothing, few, etc. etc.” This statement is the complete opposite of what Raoul Pal observed, in which he stated in his most recent tweet storm, that retail is probably not buying the dip because of the holiday season and less access to cash. Raoul’s tweet was not accompanied with any charts, so it could have been just his opinion on it. Nonetheless, Willy Woo is making his case from the charts …showing that retail has not seen accumulation like this since the Covid-19 meltdown in March 2020. During last year’s pandemic-induced drop, Bitcoin was trading at approximately $5,000 and after the Covid-19 accumulation, Bitcoin rose nearly 300%, running up to a then “all-time high” of $30,000 by December of 2020. Woo also presented a chart that shows how Bitcoin HODLers, or those with a limited history of selling, have traditionally bought the decline and are doing so today.

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