Popular trader and on-chain analyst Willy Woo says Bitcoin is poised to “go nuts” in the coming months as a result of increased accumulation by long-term holders.
During an interview on a recent episode (released on August 27) of the “What Bitcoin Did” podcast, Woo said that long-term holders and institutions — those with wallets holding Bitcoin dormant for at least five months — were approaching peak accumulation. Woo called the accumulation for Bitcoin a “macrocycle thing” and said it occurred during both the 2015 and 2019 price bottom.
As reported by The Daily Hodl, Woo said,
We’re moving into a peak, and we will be at the peak at current rates by next month. That means peak accumulation.
According to Woo, a period of peak accumulation would lead to short-term sideways trading before generating another price run. He highlighted last October’s price run that started at $10,000 before ultimately taking Bitcoin to its last all-time high above $60,000.
Using the cryptoasset’s historical price movements, Woo predicted the next run would start in November, saying “this thing is going to go nuts.”
Woo claimed on-chain data was indicating a different bull run for Bitcoin compared to previous cycles, saying it was less likely to end a single massive surge. He said data from investors indicated the boom-and-bust cycle was not likely to repeat and downplayed a December sell-off that has historically followed each of Bitcoin’s previous price tops.
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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