Willie Wu: indicators signal an imminent recovery of Bitcoin

Cryptocurrency analyst Willie Wu believes the market has not yet become bearish. The speedy recovery of the Bitcoin rate is hinted at by the data of the indicators of the blockchain operation. During the podcast "What Bitcoin Did," Willy Woo emphasized that he sees no signs of a classic bear market. 

On the contrary, now there is an accumulation of Bitcoins by long-term investors - they buy back BTC when the price decreases.

"These "Ricky Astleys" are constantly buying, but in no hurry to sell their Bitcoins. And, of course, in 2021 such investors were very active, because the market volatility is enormous. We saw a period when a portion of Rick Astley's Bitcoins passed to short-term investors and were sold. But now "Ricky" is gaining ground again," 

said Willie Wu, hinting at singer Rick Astley's hit "Never Let You Down".

The analyst added that the market is now in a speculative phase, and Bitcoins sold earlier this year are slowly returning to long-term investors. Podcast host Peter McCormack said that he himself did not sell anything from his cryptocurrencies and remains confident in the future growth of Bitcoin, as "a lot of good things are happening in the industry." 

"The price is going down a little now, and this is similar to the figure of technical analysis described by Wyckoff. If so, the Bitcoin rate will drop to $ 28,000 or $ 29,000, and this will be the final test of the bottom. All of the network's indicators point to a recovery in the market," 

said Willie Wu.

The analyst also touched upon the regulatory pressure on cryptocurrencies, which has intensified in the US, China and the UK: "It looks like Bitcoin is fighting the final boss in a video game ... central banks are really trying to destroy Bitcoin, and this is happening much earlier than we thought."

At the time of publication, the BTC rate showed a decrease of 4% per day and is trading about $ 33,200. At the end of March, Willie Wu said that this year we will see the final stage of the explosive growth of the first cryptocurrency rate, which will be the last for a three-year "bullish cycle" ". And selling Bitcoins is completely unwise. 

SOURCE