On Wednesday (30 November 2022), popular and highly respected on-chain analyst Willy Woo shared his thoughts about Bitcoin during an interview with crypto analyst Scott Melker (\u201cThe Wolf of All Streets\u201d).<\/p>\n
According to a report by The Daily Hodl, Woo said:<\/p>\n
\u201cIt\u2019s that time in the cycle really that the accumulation does come in, right? People buy, they put a floor on the price, the volatility drops. And we saw that in the 2018 bottom, 2015 bottom. We even saw it in the 2012 bottom. So, yeah, sure, people are holding the price up because they want Bitcoin.<\/em>..<\/p>\n \u201cWhat was really interesting with the BlockFi bankruptcy, we saw a sort of pullback. It went down beforehand. I kind of think that was inside sellers, knowing that the announcement would happen. It went down $500 or something like that and it got quickly absorbed. And then now we\u2019re breaking to the upside. So I think we\u2019ve got a lot of buyers at this price.<\/em>..<\/p>\n \u201cCertainly, the indicators I have are showing when you see a lot of coins moving and the price going sideways that\u2019s a sure sign of accumulation. So that\u2019s been happening. I\u2019m tracking it. That\u2019s the reason why it\u2019s going sideways.<\/em>\u2026<\/p>\n \u201c$12,000 wouldn\u2019t shock me. $10,000, I think everyone\u2019s wanting and so it usually doesn\u2019t happen what everyone wants. So $12,000 wouldn\u2019t shock me, $12,000, $13,000. It may run away from here or it may drop even further. These are very broad-stroked indicators. But it\u2019s probably not a bad time to dollar-cost [average] in.<\/em>\u201c<\/p>\n https:\/\/youtube.com\/watch?v=4xAcis4vfog%3Ffeature%3Doembed<\/p>\n Back in September 2022, Woo said that the price of Bitcoin is being suppressed and manipulated by opponents via the futures market.\u00a0<\/p>\n Woo made his argument in a series of tweets, in which he explained that the futures market for Bitcoin has opened the door for price manipulation. According to Woo, Bitcoin\u2019s hard cap of 21 million $BTC can be circumvented via the futures markets, which Wall Street and hedge funds are using to control the price of $BTC.\u00a0<\/p>\n Woo compared the launch of CME\u2019s Bitcoin futures exchange to a \u201cBTC casino where you could front USD to play.\u201d He noted that Wall Street hedge funds have been the primary supporter of CME\u2019s Bitcoin futures market, which removes the intrinsic hard cap on BTC\u2019s supply:\u00a0<\/p>\n