Analyst Willy Woo says Bitcoin is in bull market citing investor demand

Analyst Willy Woo says Bitcoin is in bull market citing investor demand


  • Willy Woo shares the warmth map of Bitcoin’s investor demand and provides that many haven’t realized that we’re already in a Bitcoin bull market.
  • The variety of addresses holding 1 BTC has skyrocketed above $830,000 with a pointy surge since February 2022.

The world’s largest cryptocurrency Bitcoin (BTC) has been buying and selling at round $45,000 and has been holding above it for some time. Traders are confused as to the place Bitcoin could be heading from right here onwards. However fashionable market analyst Willy Woo says that we’re already in a bull market.

Citing knowledge from Glassnode, Woo offered a heatmap of investor demand for Bitcoin. He writes:

Heatmap of Bitcoininvestor demand. Makes use of algorithmic sign processing of on-chain knowledge offered by @glassnode. We’re in a bull market, many don’t know this but.

As we reported yesterday, there’s a FOMO amongst retail patrons over the previous few weeks for purchasing Bitcoin. However knowledge exhibits that traditionally, such retail FOMO’s have led to macro tops. Additionally, on-chain knowledge continues to current some attention-grabbing stats.

The variety of Bitcoin addresses holding at the least 1 BTC has touched a brand new all-time excessive of 833,242 addresses. This quantity has been on a fast rise because the starting of February 2022.

 

Nobody can precisely say the place Bitcoin is heading up from right here. However technical charts may also help us get some thought right here. Bitcoin (BTC) continues to be buying and selling effectively beneath its 200-day transferring common (DMA) of $48,200. Thus, within the quick time period, we might see promoting stress. Market analyst Lark Davis writes:

Each day MACD threatening a bearish cross over (not but confirmed) indicating we might see some quick time period downward stress. Increased time frames look bullish although for the MACD. Purchase order in at $42,500.

Bitcoin alternate provide drops, Terra makes new BTC buy

On the optimistic aspect, if we see, the illiquid provide of Bitcoin continues to develop. The Bitcoin (BTC) provide on the exchanges has been on a steady draw back. The final time the Bitcoin provide was this low was when the BTC worth was at $7,200.

However, the Terra blockchain continues forward with its Bitcoin purchases. Earlier immediately, the LUNA Basis Guard (LFG) made a further buy of $230 million price of Bitcoin. With this LUNA extends its Bitcoin purchases to greater than $1.7 billion.

Terra founder Do Kwon has already hinted that LFG seeks to buy $10 billion price of Bitcoin over the long-term to peg it to its UST stablecoin. Moreover, knowledge from the on-chain platform Santiment exhibits that there’s a ‘buy-the-dip’ curiosity at the moment in Bitcoin. It added:

This will not be a serious worth drop with Bitcoin down -1.3% over the previous 24 hours. Nevertheless, after fairly a little bit of FOMO over the previous 2 weeks, there’s some main ‘purchase the dip’ optimism on social platforms. That is the most important crowd spike in 3 weeks.



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