Willy Woo, a well-known trader and on-chain analyst, predicts that Bitcoin will “go nuts” in the coming months as long-term holders increase their holdings.
Woo said long-term holders and institutions — those with wallets holding Bitcoin dormant for at least five months — were approaching peak accumulation during an interview on a recent episode (released on August 27) of the “What Bitcoin Did” podcast. Woo described the Bitcoin accumulation as a “macrocycle thing” that occurred at both the 2015 and 2019 price bottoms.
We’re approaching a peak, and at current rates, we’ll be there by next month. That indicates a high point of accumulation.
A period of peak accumulation, according to Woo, would be followed by short-term sideways trading before another price run. He cited last October’s price run, which began at $10,000 and culminated in Bitcoin’s last all-time high of over $60,000.
Woo predicted the next run would begin in November, based on the cryptoasset’s historical price movements, saying “this thing is going to go nuts.”
Woo claimed that on-chain data indicated a different bull run for Bitcoin than previous cycles, claiming that it would be less likely to end in a single massive surge. He downplayed a December sell-off that has historically followed each of Bitcoin’s previous price tops, citing data from investors as evidence that the boom-and-bust cycle was unlikely to repeat.