Willy Woo while talking to Peter McCormack on the What Bitcoin Did podcast said that the current market condition cannot be called a bear setup, but still investors’ fears are high. “No doubt about it, people are really scared,” he said.
The on-chain analyst said that too much fear in the market presents an opportunity as there is a possibility of an upward retracement. “It’s a buying opportunity. You don’t get pullbacks like this often.” He further adds that “we have come down from $69,000 (approximately Rs 51.5 lakh) to $33,000 (approximately Rs 24.5 lakh). It will be difficult to reduce it from $33,000 to $20,000 (approximately Rs 15 lakh).”
Wu also said that demand for bitcoin is coming back, as various investors are resuming purchases.
Wu suggested that the increasing influx of mainstream traders over the past few years and the rollout of the BTC futures market has significantly changed BTC’s market structure, with the price shifting directly to “risk-on risk-off” from macro traders looking at traditional stocks. “Related to.”<!–
–>
,