Willy Woo, a popular trader and analyst on the chain, says Bitcoin will ‘go nuts” in the next few months due to increased accumulation by long-term owners.
Woo stated that institutions and long-term holders – those who have kept Bitcoin inactive for more than five months – are approaching peak accumulation. Woo described the accumulation of Bitcoin as a “macrocycle thing” and stated that it happened during the 2015 and 2019 prices bottoms.
As reported by The Daily Hodl, Woo said,
We are moving towards a peak and will reach the peak at current rates next month. This means peak accumulation.
Woo said that a period of peak accumulation could lead to short-term sideways trades before creating another price run. He recalled last October’s price surge that began at $10,000 and ended at $60,000.
Woo used historical price movements of the cryptoasset to predict the next run in November. He said, “This thing is going nuts.”
Woo stated that on-chain data indicated a different bull market for Bitcoin than previous cycles. He also said it was less likely to end one massive surge. According to Woo, data from investors showed that the boom-and bust cycle was unlikely to repeat. He also downplayed the December sell-off which has historically followed each Bitcoin price peak.