Popular on-chain crypto analyst Willy Woo thinks certain metrics are hinting that Bitcoin (BTC) is about to take off on a big move.
Woo tells his one million Twitter followers that Bitcoin’s cost-basis analysis could signal that BTC’s re-accumulation phase has begun.
The analyst shares a chart showing the cost basis of long-term holders (LTHs), or those who have held onto Bitcoin for at least 155 days, and short-term holders (STHs).
According to Woo, STHs have a lower cost basis than LTHs, suggesting that Bitcoin has already carved a bear market bottom in the last few months and is now about to enter a new phase.
“Bottoms are signaled when short-term holders (recent buyers) got in cheaper than long-term holders. We are now moving out of this regime.”
Source: Willy Woo/Twitter The analyst also says “April will be an interesting month to watch” for BTC as sellers are nowhere to be seen until $40,000.
“Orderbook liquidity is thinning out, and a big liquidity gap from here to $40,000. Volatility ramping up is a near certainty.”
Source: Willy Woo/Twitter Woo notes that Bitcoin’s price stability is forming a peak, which could be an indication that it’s about to take off in price.
“Price stability forming a peak, this is probabilistically a prelude to a big move (usually happens within a week).”
Source: Willy Woo/Twitter Bitcoin is trading at $30,023 at time of writing. The top-ranked crypto asset by market cap is up more than 7% in the past 24 hours.
