{"id":131250,"date":"2021-07-06T01:22:15","date_gmt":"2021-07-06T01:22:15","guid":{"rendered":"https:\/\/precoinnews.com\/?p=131250"},"modified":"2021-07-06T01:22:15","modified_gmt":"2021-07-06T01:22:15","slug":"bitcoin-networks-user-growth-near-all-time-high-says-on-chain-analyst-willy-woo","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-networks-user-growth-near-all-time-high-says-on-chain-analyst-willy-woo\/","title":{"rendered":"Bitcoin Network&#039;s User Growth &#039;Near All-Time High&#039; Says on-Chain Analyst Willy Woo"},"content":{"rendered":"<p>Popular on-chain analyst and market commentator Willy Woo has revealed that he has seen signals suggesting that the Bitcoin network\u2019s user growth is now \u201cnear an all-time high,\u201d at a time in which the price of bitcoin has been ranging between $40,000 and $30,000.<\/p>\n<p>The analyst\u2019s words came during an interview on the What Bitcoin Did podcast, in which Woo said he does not believe bitcoin\u2019s price is in a typical bear market, with on-chain signals suggesting \u201cpeople are coming in.\u201d He said:<\/p>\n<p>The user growth is near an all-time high on the network. We\u2019ve got all the little guys coming in to buy and stack. People that have holdings of less than one Bitcoin are buying Bitcoin furiously.<\/p>\n<p>Woo added that \u201cno one is selling\u201d and that whales are instead just holding onto their funds, while people with 100 BTC or more in their wallets \u2013 \u201cthe dolphins and sharks\u201d \u2013 are also keeping their stashes as they are, while people with fewer coins are \u201cstacking.\u201d<\/p>\n<p>The analysts added that a specific type of holders \u201cthat keeps buying and never tends to sell much\u201d which he called the \u201cRick Astley\u201d type of holder, has been \u201cvery, very active\u201d so far this year and sold during the recent crypto market crash. Now, he says, the funds are moving back to those holders.<\/p>\n<p>Bitcoin, Woo said, as Daily Hodl reports, is moving sideways in \u201cwhat we call a Wyckoff accumulation price pattern,\u201d referring to a Wyckoff accumulation schematic, which suggests that large cryptocurrency investors are building up positions while preparing for its price to surge in the near future.<\/p>\n<p>https:\/\/youtube.com\/watch?v=iLxfDTHOE60%3Ffeature%3Doembed<\/p>\n<p>If the pattern plays out, he added, the price drop to $28,000 should \u201chave been the final test of the bottom,\u201d and could keep on recovering from now. Woo, as CryptoGlobe reported, has earlier this year predicted BTC could be trading between $300,000 and $400,000 by December.<\/p>\n<p><strong>DISCLAIMER<\/strong><br \/><em>The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.<\/em><\/p>\n<p><strong>IMAGE CREDIT<\/strong><br \/><em>Featured image via\u00a0Pixabay<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cryptoglobe.com\/latest\/2021\/07\/bitcoin-networks-user-growth-near-all-time-high-says-on-chain-analyst-willy-woo\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Popular on-chain analyst and market commentator Willy<\/p>\n","protected":false},"author":3,"featured_media":131249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Network&#039;s User Growth &#039;Near All-Time High&#039; Says on-Chain Analyst Willy Woo - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-networks-user-growth-near-all-time-high-says-on-chain-analyst-willy-woo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Network&#039;s User Growth &#039;Near All-Time High&#039; 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