In the last two weeks, there has been a 15% rebound. The medium-term outlook keeps being bullish, according to the analyst.
Two weeks after his market bulletin, the popular analyst Willy Woo highlighted that the collection of bitcoin, by both short-term and long-term investors, is still going on.
Corporate treasuries have also continued the bitcoin purchase. Now capital parked in the form of stablecoins is flowing and being turned into bitcoin. The outlook in the medium term (in about three months) is bullish, according to Woo.
Bitcoin is currently consolidating below $ 50,000, according to the analyst. Once this procedure achieves its completion, there would be a continuation of the uptrend.
The analyst also focuses on the moves of retail investors and states in his market bulletin that, while holders with more than 100 BTC tend to switch from a tactic purchase to a sell tone, retailers, those with less than 1 BTC, show up as buyers on an ongoing basis.
Bitcoin bear markets happen when retailers stop acquiring currencies. At this time, purchases would follow a very exponential curve, which strongly relates to the middle phase of a bull market.
Corporate Treasuries keep Collecting BTC
Willy Woo summarizes the evolution of the BTC held in corporations) as part of their treasury reserve (182,000 BTC). It also adds the BTC that corresponds to the bitcoin ETFs, which sums up at least 682,000 BTC. The total held BTC is at least 864,000 BTC institutionally.
Woo also highlights that the BTC held by corporations shows an indirect way of gaining way more exposure to bitcoin through the stocks of said companies. The tendency also awakes the curiosity of corporations, which keep showing an increased interest in acquired BTC, even in recent months of downward price action.
All Holder Segments Have Been Purchasing BTC
In the case of whales, those holders with more than 1,000 BTC and with more than 10,000 BTC (mustard) had shown considerable growth recently, even despite the correction.
In these two segments, there was a decrease in the retained BTC at the beginning of the year due to possible profit-taking right after the price approached its historical maximum.
Holders with 100-1,000 BTC purchased at a time when the price was peaking towards its maximum, and they have held up so far with very few sales.
On the other hand, retail investors with less than 1 BTC are those who have kept acquiring BTC on a sustained basis, as pointed out above by Woo. These trends, according to Woo, range from mildly bullish to “macro” bullish.
Stablecoins serve as a resource to fight against volatility. After the bitcoin correction, part of the capital invested in this cryptocurrency helped to acquire more stablecoins. It happened pending a better buying opportunity. It is, according to Woo, a trend from moderately bullish to macro bullish.
By: Jenson Nuñez
