After dropping below US$ 54,000, the price of Bitcoin has shown strength again. This Monday (29), a new appreciation of almost 8% brought back the spirit to the market.
Based on this, popular trader Willy Woo pointed out that Bitcoin is likely to end this period of volatility soon and start another upward movement in prices.
In an interview with Peter McCormack, Woo said that Bitcoin’s on-chain fundamentals seem healthy and nothing out of the ordinary.
According to the analyst, the BTC has been trading in an accumulating range and doesn’t seem ready to start a bullish move yet, having to overcome this period of volatility first.
“There’s nothing out of the ordinary going on here. It’s just a very constant accumulation of long-term investors. Looks healthy. We have a lot of time that needs to be consolidated”, he said.
Bitcoin Price
According to Woo, for now, the BTC is consolidating. Meanwhile, demand soars and currencies flow into the hands of investors with strong conviction, weeding out the more fearful and speculators.
“I just see it as a consolidation… Consolidation means it goes down, tests and goes up without crashing. As it consolidates, demand is increasing, HODLers are buying”, he stated.
Furthermore, the trader noted that based on derivatives data, Bitcoin could be ready to resume its bull market in the coming days.
More precisely, he pointed out that December 2021 can repeat the performance of December 2017.
“We’re getting pretty close. The derivatives data I’m looking at… We’re probably a few days away from the next high, we just need to see the trend continue. But we are very close to the bottom of consolidation. Without a doubt, a lot of demand, a lot of coins being withdrawn from the exchanges.”
If December 2021 repeats December 2017, Bitcoin could exceed $100K. After all, that year, the BTC rose more than 100% in less than 20 days.
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