Widely followed on-chain analyst Willy Woo predicts Bitcoin will ‘go nuts’ in the coming months as long-term holders continue to accumulate the leading cryptocurrency.
In a new episode of the What Bitcoin Did podcast, Woo says that long-term holders, or entities that have kept their BTC dormant for at least five months, will make their presence felt in the coming months.
“This is a macrocycle thing. You would have seen it at the 2015, 2014 bottom. You saw it at the 2019 bottom, and actually, you saw it over the 2020 where we came back down. There was the Covid crisis. There was Michael Saylor scooping up all the coins, and that was another peak of long-term holders accumulating. We’re moving into a peak, and we will be at the peak at current rates by next month.
That means peak accumulation. Peak accumulation means, that’s defining this kind of sideways band and then after that, we do a run-up.
The last run-up was $10,000 to $60,000 starting from October last year. The run-up before that was from $4,000 to $14,000 over a matter of months. So if October we start to peak… we’re starting to look into November onwards to go. That’s when the run-up happens. All the coins are being scooped up by these long-term guys… Just the structure of the market is like, “This thing is going to go nuts.’”
Woo also says that he’s looking at on-chain data and believes that this cycle is different from the 2013 bull market. According to Woo, he doesn’t believe the current bull run will end with one massive surge.
“The latest stuff we can see in the data between the investors is that it’s not going to repeat, and this cycle is not a 2013 double pump and a blowoff top. This is completely different. This is the new 2020 onward cycle which we’ve never seen before… If you look on-chain, it’s a completely different structure, never seen it before…
This is very promising. We’re going to have another run and forget December sell-off which has happened every other top.”