Willy Woo states that Bitcoin sell-offs are now being absorbed by the market.
He predicts another month of sideways for the cryptocurrency.
Bitcoin is currently trading around $57,000, down by 10% in the past seven days.
Crypto analyst Willy Woo believes the Bitcoin market is gradually absorbing the large influx of BTC from recent sell-offs, including those by the German government and Mt. Gox.
The influx of BTC (Germany, MtGox, DoJ) is slowly being absorbed.
Paper BTC bets are declining, a good sign.
Overall, in terms of supply, things have moved from bearish towards neutral. pic.twitter.com/Ej2X9bJq5w
— Willy Woo (@woonomic) September 2, 2024
This sell-off, which occurred between June 19 and July 5, 2024, saw the German government liquidate 7,583 Bitcoin, worth $435 million at the time. Combined with transactions from Mt. Gox wallets, this contributed to a sharp drop in Bitcoin’s price, pushing it below $56,000 in early July.
Recent data from Glassnode shows that long-term holders (LTHs), those who have held Bitcoin for more than 155 days, now control over 14 million BTC, or 71% of the circulating supply. This significant accumulation by LTHs suggests …
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