As Bitcoin price continues to move sideways, market watchers are wondering how this year will end. Is there enough time for another rally or will there be support at $ 46,000?

Although the price has maintained a tight range for the past 2 weeks, prominent Bitcoin on-chain analyst Willy Woo has pointed out that there are no indicators that point to a bear market.

Will the price go up significantly?

According to Woo, retail investors are benefiting from the bearish price movement as they buy more drops than usual.

“The last time retail investors bought a drop like this was what caused the COVID crash. Probably not a bear market. A real bear market doesn’t come about because of sellers, but when we don’t have buyers. For this reason, macro peaks are very volatile and liquidity on the buyer side is reduced. “

Retail investor accumulation | The source: Willy Woo

No signs of further sale

Earlier this week, Woo pointed out that demand from investors in the chain shows no signs of a bear market.

Purchase of the dip visualized (spot volume seen in the chain). It happened, it’s moderate, but most importantly, there are still no signs of another sell-off cascade. Also, keep in mind that longs have already been flushed. pic.twitter.com/j5cjUOIGmA

– Willy Woo (@woonomic) December 13, 2021

“Buy the visualized break-in (spot volume on the chain). This has happened at a moderate pace, but most of all there is no sign of further sales. In addition, it is also important to pay attention to the long positions that have just been released.

The long-term owners sold on the decline and took profits, but as a group they are still at the peak of accumulation. “

Long-term holders (LTH) are those who hold coins, in this case Bitcoin, for 5 months or more, and Woo pointed out that they are still in peak accumulation because an indicator is “still in the zone”. bullish macro area.

“The bear market coincided with LTH selling out the coins. Despite the fear in the market, the current price structure is not set for a bear market. “

The analyst focuses on holders buying the dip, arguing that there is “no sign of another sell-off”.

However, he did not mention any levels of support or resistance in the short term.

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Minh Anh

According to Cryptoslate

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