Bitcoin has almost completed the Sideway trading, preparing for a new bull run

Willy Woo knows that converting large amounts of BTC from uninformed investors with strong beliefs in the market sets the stage for a new trend.

Bitcoin (BTC) may have trouble breaking its all-time high, but one of the market’s best-known analysts believes its sideways transaction is “almost complete”.

In a series of tweets on March 11, Willy Woo pointed out the multiple word prefixes on the chain suggesting that a new Bitcoin bull run is imminent.

Bitcoin, those with a history of selling very little

Bitcoin was recertified on Thursday (March 11), after falling back to $ 54,400, reversing the trend, taking it to as high as $ 57,200.

With the favor of buyers, Bitcoin has yet to break out of its large surface trading range, close to a record support level of $ 46,000 and an all-time high of $ 58,300.

However, for Woo, investors with the mentality of fleeing to make room for those who believe in the market have formed the backbone of a bull run, the end of the consolidation. .

“The big end of the most important of the market growth on the year 2021 is almost done”.

Tracking data on Bitcoin’s transition issues shows that more and more people are leaving the market in March.

“People with strong belief have joined in to buy in this latest sale. Red in this chart gives coins to holders of very little history of selling.
In terms of topic support, Woo points out data from Glassnode shows that, even at $ 55,000, Bitcoin is still a popular purchase among investors.”
“Bitcoin one more time near a highest every big. There is some solid amount of support on the chain below. Chart: Show the number of coin has been started to home at buy in each level. A good beauty is confirmed in terms of the validity of these prices.”

Bitcoin critics ignore “opportunity cost”

The stance stood out against the remaining respondents from within the cryptocurrency and major media, who went on to claim that Bitcoin was anything but an advisory base.

Among them was the golden beetle Peter Schiff, who faltered at the news that his son, Spencer had moved 100% of his portfolio to Bitcoin.

“My son, Spencer Schiff, imported all of Bitcoin the last time it fell below $ 50,000. 100% of its portfolio is currently Bitcoin. It sold its final coupons to raise cash. If my son was brainwashed like this, imagine how vulnerable most kids are. It is Hold to infinity or bankruptcy.

However, with the participation of institutions still going hot, Bitcoin’s proponents sent up repeated warnings about the consequences of completely ignoring the largest cryptocurrency as a financial asset. raw products.

Saifedean Ammous, author of the famous book “The Bitcoin Standard”, said:

“Anyone in the world can receive bitcoins. If you keep your money in anything else, you’re giving up bitcoin.

Also when you beat bitcoin’s price up with whatever you are doing, otherwise, you are losing satoshi.

Bitcoin is new common unit to measure opportunity cost ”.

Today is also the 1st anniversary of “Dark Thursday” in the history of electronic money when the market fell.

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