The recent market shakeout was enough to send a chill down the spine. Amidst the constant ups and downs, volatility, deadly death crosses and Regulatory raidsAccording to many analysts, Bitcoin survived rather stronger.
With the King Coin’s market capitalization dropping nearly 20%, many leave the ship thought it was going to sink. On the other hand, on-chain analyst and trader Willy Woo believed that “Bitcoin fights the boss in a video game” and will come back stronger.
In one new podcastwhen host Peter McCormack cited concerns about the recent Death Cross and asked if it was a “real thing”. Woo commented:
“It’s a real thing in traditional markets, but it just doesn’t work for cryptocurrencies. Basically, when you trace it back in the bitcoin market, you’re buying the dip more often. The BTC market is very different from the traditional market. Bitcoin is like a really early tech stock with maximum saturation at 2%. “
Woo further emphasized that the number of users in the Bitcoin market doubles every year, even in a bear market. He argued that this market is growing exponentially, so these death crosses don’t seem to be working because “the underlying upswing is exponential growth”. Bitcoins Death crosses immediately after the price has shown significant price losses in the past.
Additionally, Woo presented the option of ‘Rick Astley’ hodlers getting in to drive up the price of BTC. The cryptosphere is filled with all sorts of jargon for Bitcoin holders, one such jargon developed by Woo himself is “Rick Astley” buyer (named after the British singer who had his one-hit wonder in 1987). These buyers are essentially strong hands who will never give up, they will Hodl coins and never let their sats go down in balance.
It is interesting to note that on April 13th, when Bitcoin blasted over $ 63,000, many, including Woo, attributed it to “Rick Astley” HODlers.
The analyst quickly pointed out that “Ricks” were active in early 2021, but speculative traders buying and selling have increased in recent months. According to Woo, the market is slowly moving back to Ricks. A week ago, he’d also posted roughly the same thing on Twitter in a series of tweets:
Oh dear, Rick Astley is back. Coins go back to the HODLer, who never leaves his BTC. pic.twitter.com/aZGwK1DzeE
– Willy Woo (@woonomic) June 20, 2021
“Whales don’t sell. Sharks don’t sell. Dolphins don’t sell. Hold large holders. Octopussies and fishies stack this dip. Crabs stack up as much as their small shells allow. “
According to the analyst, this is the final cycle for Bitcoin. He argued that we are in the fourth epoch and that the inflation rate is “low and close to that of gold”. In the next epoch, the miners’ pressure to sell will therefore be negligible. He compared that by saying that “the pressure to sell cannot be greater than buying Michael Saylor or anyone else.”
The analyst therefore concluded that it would be somehow “pointless” to look at selling pressures in a bull market.
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