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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.”
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).”