Bitcoin traded close to the $60k level for a long while and a second price breakout was something most traders expected, however in yet another twist a surprise sell-off did take place. In a recent podcast, on-chain analyst and the co-founder of Hypersheet, Willy Woo spoke about the noticeable surge in BTC’s trading price and activity as more new investors entered daily. Santiment highlighted how Bitcoin has seen quite a few occasions during which there have been very high spikes of transactions amounting to over $100k.
Woo touched upon the fake sell-offs in the podcast with the host which he recently tweeted about as well. The tweet read:
“Markets selling off due to bogus data saying $1b of BTC flowing into Gemini. It’s the 2nd time it’s happened in the last 30 days.”
He further predicted his stance on the current cycle using few trustworthy indicators. He quoted:
“models that rely on moving averages to observe the rising “natural price” of bitcoin which helps to identify the degree to which it is above or below a specific natural range. If it goes up or down too quickly, for example, it might be a good strategy to use a little leverage to ride it back to a more locally appropriate price.”
Speaking of traders exiting the market thanks to the relatively ‘high’ price even when the coin undergoes a correction, Woo noted, “You’re definitely a moron… if you sell in a bull run and try to buy back lower, that doesn’t work”
“We are in the middle of the main bull phase with a $200k-$300k price target.” he said.
Woo quoted on-chain analytics service Glassnode’s active BTC supply data, which likewise suggested that Bitcoin could rise more before old hodlers sell for profit, causing a cycle top. Regardless of Coinbase’s IPO impact on the market this month, the analyst doesn’t see Bitcoin closing below $46,400 anytime soon. He said:
“$46.4k is the price I’m modeling that we won’t visit again during in this bull market (daily close).”