On-Chain Analyst: Long-Term Bitcoin Holders Have Been Selling the Rally Considering $13k
It was that peaks in destruction or dormancy would be a bad sign for the market as old Bitcoins have more experienced masters, thus smarter cash; this would predict a price fall. These days not necessarily, OG whales also sell bottoms. Earning money has arrived. Post this today as while there’s so much FOMO and strong principles being hammered out, there’s also signs of the market being overheated locally. I would be very surprised if we break all-time-high on the first try without a rejection, or consolidation, prior to another run at it.
While this represents increased selling pressure in this nascent market, Woo is not all too worried. He went on to explain that while previous tops were marked by spikes in the devastation of Bitcoin Days, There’s likely still smart money that are buying any dips:
Willy Woo, a dominant Bitcoin on-chain analyst, there are old holders of BTC who are selling their coins into the rally:
Analysts believe that this retail activity will be critical in driving the price of the leading cryptocurrency to new all-time highs.
Released at Sat, 21 Nov 2020 23:05:41 +0000
Pantera Capital co-CIO Dan Morehead recently wrote on the Subject of PayPal’s users amassing a large percentage of the Bitcoin being mined:
Retail Money Entering En-Masse
While there appear to be many that think the coin will move higher, data shows the coin has been sold to some degree.
Chart of BTC’s price action over the past year and a half with Bitcoin Days Destroyed evaluation by crypto dealer Willy Woo (@Woonomic on Twitter)
This much has been made clear by the entry of institutional participants in the cryptocurrency space. These participants will drive Bitcoin higher while older currency exits.
Bitcoin Is Being Sold Into This Rally, On-Chain Data Shows
“When PayPal went live, volume started exploding. The increase in itBit volume implies that within four weeks of going live, PayPal is already buying nearly 70% of the new supply of bitcoins. PayPal and Cash App are already buying more than 100 percent of all newly-issued bitcoins.”Tags:
Bitcoin has experienced a powerful rally over the past month as buyers rush in after the early 2020 crash. The price of the leading cryptocurrency currently trades for $18,600, which is nearly the greatest the cryptocurrency has traded because the 2017 bull market peak.
“Old hands have been selling into this rally since the beginning of Nov (BTC @$13k)…’Previous ArticleEthereum Could Correct Gains, Why Dips Remain Attractive Near $530
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