No reason to drop Bitcoin now, says Willy Woo

According to prominent on-chain analyst Willy Woo, several key factors suggest that there is no reason for BTC to decline.

BTC price 4-hour chart | Source: Tradingview

In one interview As a newbie to what Bitcoin did, Woo said that in addition to being in a bear market, BTC may have broken out of the traditional four-year cycle of price highs and lows.

“In my opinion, some people have been very pessimistic, but there is really no reason to believe that. In terms of on-chain structure, what investors are doing shows that we’ve never been in a bear market, but rather like a bear market in a larger macro setup.

This cycle is not a cycle in my calculation. I don’t think we have peaked and there will be another four year revolution where there is a year long bear market. It doesn’t look like that at all. “

Woo added that recent macroeconomic news like China’s debt crisis in Evergrande and the Federal Reserve’s review of reduced stock and bond purchases have put pressure on all types of investment.

“In the last session of the week the S&P 500 started looking very weak and sold out. Bitcoin also started selling. So it’s just a sell-off based on the correlation with the S&P 500. Nothing more than spot buying. “

Willy Woo – On-Chain Analyst

There is a new breed of buy and HODL investors in the Bitcoin market, the analyst said, which bodes well for the value of BTC as a long-term asset.

“Bitcoin is maturing. It attracts more big players with large organizations. We have nothing but shopping this week. They buy on exchanges and move to cold stores. “

Bitcoin’s “last dip”

The strategist Inmortal compares Bitcoin’s recent decline with a sharp decline in spring 2017, before the value almost tripled within a few months.

The trader suggested the decline that began earlier this month would last through early October, but then expected Bitcoin to return to all-time highs and beyond. According to him, the current Bitcoin price action will be “the last drop”.

The source: Immortal / Twitter

He noted that maintaining a low point for Bitcoin bodes well for future upside given the broader macroeconomic pressures.

“The fact that BTC is not falling despite all the FUD (fear, uncertainty and doubt) is a good sign. Take back $ 45,000 and I expect the price to hit a new ATH. “

The source: Immortal / Twitter

Inmortal is also predicting a “coming green week” for the ETH.

The source: Immortal / Twitter

Trader Capo also expects Bitcoin to trigger rallies that will bring the price to ATH, but predicts a smaller decline than Inmortal. According to him, traders hoping for a deeper decline in Bitcoin will likely be disappointed.

“Lots of people are waiting for BTC under $ 40,000. That’s impossible.”

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