Bitcoin investor Willy Woo has some insight on current Bitcoin trading activity.
The analyst suggests that the return of the “hodler” is represented in exchange activity and other indicators and that Bitcoin is due for a recovery.
In an interview for the podcast ‘What Bitcoin Did’ June 28, Woo reportedly referred to these buy and holders as “Rick Astley investors,” who will “never give up” their Bitcoin, or who may, more accurately, sell little and buy more over time as BTC goes through its gyrations.
Woo also cites a technical called a ‘Wyckoffian accumulation price pattern’ that he says suggests a bullish outlook after Bitcoin fell in recent months from highs of $60,000 to around half of that value.
We know that Bitcoin has an incredible amount of volatility. Another example is in our previously reported story from June a year ago on Woo talking about how much value early investors made off of Bitcoin.
“$1 invested over 10.7 years…” Woo tweeted at the time. “Today’s value: Bitcoin: $12.8m (a luxury yacht) Gold: $1.66 (a snickers bar).”
Now, even with BTC sunk to its current levels, long-term hodlers have made quite a bit of money, depending on when they bought in; Woo and others see a similar trend developing again, where, like crows on a telephone wire, investors are coming alone and in twos, to roost again on BTC’s perch.
“Bitcoin (BTC) investors continue to hodl BTC at $40,000, even if they bought it at lower levels earlier in 2021,” writes an FXStreet analyst June 16. “Bitcoin has been marked by low volume in recent weeks as price action remained rangebound between $30,000 and $41,000. The past few days has seen modest volatility return, but for most hodlers, there are few opportunities for profiteering under current circumstances.”
Follow the top crypto coin this week to see what develops further.
