THELOGICALINDIAN - Bitcoin Remains Bullish Willy Woo
Bitcoin has faced a slight retracement back the $16,500 highs set a few canicule ago. The arch cryptocurrency has alone to $16,000 as of this article’s autograph and fell as low as $15,700 on Saturday morning.
Analysts abhorrence that this bead is the alpha of a stronger move to the downside. The cryptocurrency flirting with the $16,000 abutment is a annoying sign, to be sure.
But according to Willy Woo, a arresting on-chain analyst, there is not a big acumen to be concerned.
He did accept that Bitcoin’s concise technicals are in a bearish state, with there actuality a bearish four-hour about backbone basis alteration and a Tom Demark Sequential 9″ on the eight-hour chart. Though, he added that what absolutely matters, the on-chain fundamentals, abide bullish.
Woo accurately accent two on-chain trends demography place: 1) the access in the cardinal of Bitcoin actuality beatific from exchanges to chump wallets, and 2) the access in the cardinal of new and alive users of the Bitcoin network:
Not the Only Bull That Thinks So
Woo isn’t the alone balderdash that thinks Bitcoin will abide its ascendance in the advancing days. A banker afresh commented on BTC’s amount action, arguing that a move to $17,000 or $18,000 could booty abode in the abreast future:
The aforementioned banker that predicted Bitcoin would see a V-shaped changeabout in March afresh aggregate the blueprint below, which suggests a move to $17,000:
