The closely-followed crypto analyst Willy Woo says that Bitcoin (BTC) moving towards a major breakout phase.
In a new interview with crypto channel host Scott Melker, Woo says that while BTC is still recovering from the recent retreat of the crypto market, it is preparing for a massive rally that should begin in the first two months of 2022 .
“I would say we are not in the main phase of the bull market. There is a main running phase in which it just goes up, the dynamic is strong.
We’re just coming out of a re-accumulation, we just had this massive sell-off in May, the side re-accumulation happened and then it was there [was] that first tentative climb, and often there is another type of accumulation and then the races go.
Then everything is strong. This is the main phase of the bull run. We are not there yet. Was [still] recover and set up for it. I think we won’t make it until 2022. [The] Early phase, January [and] February could be interesting. “
According to Woo, BTC may have had a weak December, but the next six months appear structurally solid due to a shift in token ownership from short-term to long-term holders.
“If we look at the next six months, structurally it’s pretty strong. What makes me confident is that there are really a lot of coins that have been transferred to long-term owners who have held their coins for five months or more and are thus at maximum accumulation.
They are slowly separating [and] as they do, the price goes up. You can take some profits with you, but mostly the coins are with long-term holders and bear markets usually don’t start until the long-term holders [are] sold. “
Bitcoin is trading hands at $ 48,732 at the time of writing, up 6.5% from its 7-day low of $ 45,782.
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Source: Crypto News Deutsch