“No doubt about it, people are really scared, which is typically […] an opportunity to buy,” Willy Woo said.
Bitcoin analyst and co-founder of software firm Hypersheet Willy Woo believes that on-chain metrics show that BTC is not in a bear market despite observing “peak fear” levels. Speaking on the What Bitcoin Did podcast hosted by Peter McCormack on Jan. 30, Woo cited key metrics such as a strong number of long term holders (wallets holding for five months or longer) and growing rates of accumulation suggest that the market has not flipped the switch to bear territory:“Structurally on-chain, it’s not a bear market setup. Even though I would say we’re at peak fear. No doubt about it, people are really scared, which is typically […] an opportunity to buy.”I guess BTC is in demand lately pic.twitter.com/5h1IeMT2lK— Willy Woo (@woonomic) January 29, 2022
In the short term, Woo noted that “you don’t
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