Since Bitcoin’s brutal decline in May, investors and analysts have been debating whether BTC is in a bear market. One of the most popular on-chain analysts has now commented on this in a new interview. He says: People would buy Bitcoin like wild-and sees no signs of a bear market.

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Anyone with less than 100 BTC accumulated

Top Bitcoin analyst Willy Woo emphasizes in a recent interview with the”What Bitcoin Did” podcast: he does not believe that Bitcoin is in a bear market. Because: on-chain indicators signal a recovery, in addition, BTC would currently be massively accumulated by long-term HODLers. Woo even talks about people ” buying Bitcoin like wild.”

The chart and on-chain expert:

“We don’t see the normal bear market metrics. People are coming. We have new users near the all-time high. User growth is close to the all-time high in the network. We have all the little people who get in to buy and accumulate. People who own less than one Bitcoin are buying Bitcoin like wild.“

No one sells his coins, so Woo, not even the whales. Woo:

“People with 100 bitcoin upwards, these are the dolphins and sharks, they are moving sideways. Anyone who has less than 100 Bitcoin that accumulates.”

Woo also explains that there is an additional group of Bitcoin investors. He calls them the “Rick Astleys” among the keepers. For the uninitiated: Pop singer Rick Astley had some chart success in the late 80s and early 90s. The most famous: “Never Gonna Give You Up”, in German: Ich werde dich nie hergeben bzw. So by “Rick Astley” HODLers are meant investors who tend to buy Bitcoin rather than sell it. Woo:

“The’ Rick Astley ‘ is the holder who constantly buys and never tends to sell much. That’s what we measure. And of course Rick was very, very active about 2021, and then all of a sudden all the coins moved away from Rick to the weak hands, to the speculative traders who buy and sell. Now we see that moving back towards Rick.“

Bitcoin on the verge of recovery?

The analyst therefore assumes that Bitcoin’s drop to $ 28,000 was the last test of the market low. If the markets maintain their previous performance, Woo says, then on-chain everything looks like there will soon be a recovery that will lead Bitcoin to new highs. Woo also explains how quickly this can happen on Twitter.

In doing so, he compares Bitcoin with the Human Genome Project: an international research project founded in the fall of 1990 with the aim of completely deciphering the genome of humans (i.e. identifying the sequence of base pairs of human DNA on their individual chromosomes by sequencing).

Woo explained: The project started in 1990, but was only 2% advanced in 1998. Then suddenly everything went very quickly – and in 2003 the project was already completed. Woo sees a similar development coming with Bitcoin. He writes:

“The human Genome project started in 1990. By 1998 it was at 2% progress. In 2003, the project was completed. This is the nature of exponential growth.

The spread of # Bitcoin doubles every year. It currently stands at 2% global penetration.“

The analyst comments on this: At first everything went slowly – and then all of a sudden and all at once. Just as Bitcoin was initially perceived as a nerd toy, it was then able to arouse the interest of retail investors-and is now being bought by institutions and even countries worldwide.

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Last updated on July 1, 2021

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