Signals suggest Bitcoin network user growth is now ‘near record high’
Analyst Willy Woo recently said that he doesn’t believe Bitcoin is entering a bearish period as on-chain signs suggest “everyone is entering the market.”
“The number of Bitcoin network users is now nearing its peak. Many investors are frantically accumulating more. No one is selling at the moment,” said Woo.
Besides, the fact that Bitcoin is currently trading within a “Wyckoff cumulative price pattern” shows that large investors are building positions to prepare for a bull run in the near future.
Once this pattern actually plays out, a drop to the $28,000 region is where a bottom is formed and the market could continue to recover from there.
Also, whales are accumulating Bitcoins again. This is considered the biggest Bitcoin accumulation event in 2021. In the past six weeks, whales have bought more than 100,000 BTC. More than 60% of these were purchased in just one day.
According to Santiment, whale wallet addresses currently hold nearly half of the circulating supply of Bitcoin.
Over the past 48 hours, Bitcoin price rallied to nearly $36,000 before losing momentum and falling back to the $34,400 region at this point.
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