Bitcoin analyst warns „you’d be crazy to sell bitcoin now“
2021 will be the year of „crazy bullishness“ for Bitcoin as the current price rally enters its final explosive phase. That’s what blockchain analyst Willy Woo estimates.
This year we are about to witness the „final explosive bull run“ of the ongoing of Immediate Edge three-year Bitcoin (BTC) price rally, argues well-known on-chain analyst Willy Woo during the latest episode of the „What Bitcoin Did“ podcast.
„You’d be crazy to sell now. There’s more buying than ever before, a new record for 2021, and we know the person buying the dip is Rick Astley and he’s not going to let us down.“
In his terminology, „Rick Astley“ is an archetype of a long-term trader who continuously buys Bitcoin and almost never sells – literally „never gives up“ on his BTC. And according to Woo, in general, no one should sell their coins today because the BTC price is currently at its newly discovered low.
„I think we’re at the bottom now,“ Woo said – and, „So yeah, I’m personally accumulating my long positions right now.“
As evidence, he pointed to how many users are buying Bitcoins on crypto exchange Coinbase – followed by massive outflows of BTC from the platform into wallets. Woo commented:
„Maybe it’s an undeclared institution buying, maybe it’s a private hedge fund or a lot of them. But there’s certainly a lot of buying from Coinbase, which tends to be US institutions.“
The latest explosive bull run
He explained that the current bull-run is completely different compared to previous bitcoin price cycles, thanks to various new participants that have entered the crypto market in recent years, particularly institutional companies such as MicroStrategy and Tesla.
Woo also expresses that recently there has only been one year of a bear market – and today the crypto industry is experiencing another bull phase, which typically lasts about three years.
During the first part of a bull run, the „accumulation floor“ can last anywhere from three to nine months. This is followed by an early phase where „everything is pumping, everyone is excited, and then everything dies down a bit“.
„And then we have the actual, main bull phase, which is usually played out in a year. 2017 was the last one, 2013 was the one before that. And 2021 is the main bull phase of the bull market. The last explosive bull run, this one year of the three years of bullishness, is happening now, so the crazy bullishness.“
However, he concedes: While a so-called „super cycle“ could happen (an extremely long period of abnormally strong demand growth), it is also possible that „we could crash hard“.