Market analyst Willy Woo disclosed in his latest report, released on December 21, that according to his predictions, a bitcoin (BTC) price surge is looming in early 2022.
The expert points out that what makes him believe this is that “Hodlers have been continuously buying back coins they sold in May, sparking our last bearish phase.” Since October, the trend has been to buy, not sell, as highlighted in green in the graph published by the analyst that CriptoNoticias had access to.
Willy Woo maintains that now “there is no sign of a bear market”, something that he had previously remarked a couple of weeks ago, as reported by CriptoNoticias. This is because, although the price of the cryptocurrency has fallen since November, investors keep buying more BTC.
Since October holders have been buying bitcoins that they had sold before. Source: Willy Woo Report
This buying trend is something that the analyst has been highlighting in recent reports. “The long-term structure remains unchanged from the recent letters,” he warns. This makes him think that “things look strong for the first quarter of 2022.”
Whales take advantage of BTC drop to buy
Willy Woo claims that since the price drop suffered by BTC at the end of November, the Big hodlers who are “more careful” have taken advantage to buy BTC cheaper. Investors who buy large volumes of a cryptocurrency are called “whales.”
This action makes the analyst think that “we are near the end of our fall – in price – of several weeks.” Recall that its historical maximum was on November 8, exceeding $ 68,700 and since then it has reduced its value with small increases. Right now, bitcoin is trading at more than $ 50,000, as can be verified in the CryptoNews calculator.
The price of bitcoin has been down since its all-time high on November 8. Source: Coingecko / coingecko.com
The fact that whales (entities with more than 1,000 BTC) are buying large volumes of the cryptocurrency since the price drop can generate a bullish effect, since it would increase demand. Under this argument, Willy Woo predicts a short-term bitcoin bullish trend for early 2022.