Popular on-chain analyst and market commentator Willy Woo has revealed that he has seen signals suggesting that the Bitcoin network’s user growth is now “near an all-time high,” at a time in which the price of bitcoin has been ranging between $40,000 and $30,000.
The analyst’s words came during an interview on the What Bitcoin Did podcast, in which Woo said he does not believe bitcoin’s price is in a typical bear market, with on-chain signals suggesting “people are coming in.” He said:
The user growth is near an all-time high on the network. We’ve got all the little guys coming in to buy and stack. People that have holdings of less than one Bitcoin are buying Bitcoin furiously.
Woo added that “no one is selling” and that whales are instead just holding onto their funds, while people with 100 BTC or more in their wallets – “the dolphins and sharks” – are also keeping their stashes as they are, while people with fewer coins are “stacking.”
The analysts added that a specific type of holders “that keeps buying and never tends to sell much” which he called the “Rick Astley” type of holder, has been “very, very active” so far this year and sold during the recent crypto market crash. Now, he says, the funds are moving back to those holders.
Bitcoin, Woo said, as Daily Hodl reports, is moving sideways in “what we call a Wyckoff accumulation price pattern,” referring to a Wyckoff accumulation schematic, which suggests that large cryptocurrency investors are building up positions while preparing for its price to surge in the near future.
If the pattern plays out, he added, the price drop to $28,000 should “have been the final test of the bottom,” and could keep on recovering from now. Woo, as CryptoGlobe reported, has earlier this year predicted BTC could be trading between $300,000 and $400,000 by December.