Bitcoin: ‘You are certainly a dimwit if you sell after a bull market and then want to buy back lower.’

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For a long time, Bitcoin traded near the $60k mark, and a second price breakout was widely anticipated; but, in yet another twist, a surprise sell-off occurred. Willy Woo, on-chain analyst and co-founder of Hypersheet, discussed the notable increase in BTC’s market price and operation in a recent podcast. Santiment emphasised how Bitcoin has had many instances where there have been very large surges in transactions totalling more than $100,000.

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.”

In response to traders leaving the market due to the comparatively ‘high’ price even though the coin experiences a correction, Woo said, “You’re certainly a moron… If you sell during a bull market and then attempt to buy back lower, you will fail.”

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He also said that the ‘longer the bull market lasts, the higher BTC will go.’ Adding to his excitement, the dealer estimated that Bitcoin will surpass $300,000 before the end of this year’s bull market.

“We are in the middle of the main bull phase with a $200k-$300k price target.” he said.

Woo cited active BTC supply data from on-chain analytics service Glassnode, which also indicated that Bitcoin could climb more before old hodlers sell for profit, triggering a cycle peak. Regardless of the market effect of Coinbase’s IPO this month, the analyst does not see Bitcoin falling below $46,400 anytime soon. He stated:

“$46.4k is the price I’m modeling that we won’t visit again during in this bull market (daily close).”

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