Bitcoin’s Spot Market Demand Booming as Metrics Reveal Price Rally Igniting
Despite the conservative price action of the past weeks, popular on-chain analyst Willy Woo reports on Bitcoin’s spot market demand.
Woo tells his one million large Twitter audience that institutions remain interested in the top cryptocurrency and that capital is pouring in. He notes that Bitcoin’s price behaviour resembles that of the end of 2020 when crypto markets started to rally massively.
#Bitcoin price is sideways because of Wall St is selling futures contract in a macro risk-off trade. Meanwhile institutional money is scooping spot BTC at peak rates and moving to cold storage.
It’s times like these I remember the Q4 2020 supply shock squeeze. pic.twitter.com/wLPl4qGjTQ
— Willy Woo (@woonomic) April 30, 2022
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Despite facing headwinds from macroeconomic factors, Woo notes that a Bitcoin rally and that of other assets is a possibility, aided by the USD dollar index (DXY) moving at a critical resistance level facing a rejection.
In another tweet, Woo puts Bitcoin’s last four years against that of other assets, making his case for the digital ‘hard’ currency:
It’s very hard to go wrong with a 4 year or longer investment horizon with #Bitcoin, no matter what the macro environment.
Live Chart: https://t.co/wNJ0RSQdql pic.twitter.com/g6SzVxTdrH
— Willy Woo (@woonomic) May 1, 2022
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A few months back, Woo gave his predictions for 2022, where he said that Bitcoin is setting itself up to rally to new all-time highs in the next year and points out that a jump from Bitcoin’s current all-time high of just under $69,000 to 100,000, would be “nothing”.
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Source: igaming
