Popular on-chain analyst Willy Woo states that certain metrics bitcoin He is of the opinion that its price indicates that it is about to make a big move.
With more than 1 million followers on Twitter Willy Woo, discussed Bitcoin cost base analysis in his post. According to this measure, the analyst is of the opinion that a “reaccumulation” phase may have begun.
A chart showing the cost basis of long-term holders (LTHs) or those who have held BTC for at least 155 days and short-term holders (STHs). shared.
Similar view from cost basis analysis. Bottoms are signaled when short term holders (recent buyers) got in cheaper than long term holders. We are now moving out of this regime. pic.twitter.com/d3avbM8WH7
NEWS CONTINUES BELOW— Willy Woo (@woonomic) April 10, 2023
According to Woo, STHs have a lower cost base than LTHs, which means that Bitcoin has already passed a bear market bottom in the last few months and is now about to enter a new phase.
“Dip signals are given when short-term holders (end buyers) enter cheaper than long-term holders. We are exiting that view now.”
The analyst thinks “April will be an interesting month to watch” for BTC as sellers are nowhere to be seen up to $40,000. According to the analyst, this may trigger an increase, especially on the “volatility” side.
Woo states that Bitcoin’s price stability has formed a peak, which could be an indication that the price is about to rise.
Bitcoin is trading at $30,023 at the time of writing. The top-ranked crypto asset by market cap has risen more than 7% over the past 24 hours.
You can follow the current price action here.