On-Chain Analyst Willy Woo Says Bitcoin Approaching Off-to-the-Races Phase Heres His Timeline – The Daily Hodl

Closely followed crypto analyst Willy Woo says that Bitcoin (BTC) is moving toward a major breakout phase.

In a new interview with crypto channel host Scott Melker, Woo says that even though BTC is still recovering from the most recent crypto market pullback, its gearing up for a massive rally that should kick off during the first two months of 2022.

Id say were not in the main run of the bull market. Theres a main run phase where its just going to go up, the momentum is strong.

Were just coming out of a reaccumulation, we just had this massive sell-off in May, the sideways reaccumulation happened, and then there [was] that first tentative climb out, and often theres another sort of accumulation and then were off to the races.

Thats when everythings strong. Thats the main phase of the bull run. Were not there yet. Were [still] recovering and setting up for it. I think were not going to get there until 2022. [The] early phase, January [and] February might be interesting.

According to Woo, BTC may have had a weak December, but the next six months appear structurally sound due to a shift of token ownership from short-term holders to long-term holders.

If were looking over the next six months, structurally, its pretty strong. What gives me confidence about that is that there are really a lot of coins that have been moved to long-term holders who have held their coins for five months or more, and so theyre at maximum accumulation.

Theyre slowly divesting [and] as they do, the price runs up. They may take some profits but predominantly the coins are with long-term holders and bear markets dont usually start until the long-term holders [are] divested.

Bitcoin is exchanging hands at $48,732 at time of writing, a 6.5% increase from its seven-day low of $45,782.

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On-Chain Analyst Willy Woo Says Bitcoin Approaching Off-to-the-Races Phase Heres His Timeline - The Daily Hodl