On-Chain Analyst: Bitcoin’s Recent Rally Is Due to ‘Large Institutions Doing the Buying’

Recently, popular and highly respected on-chain Bitcoin analyst Willy Woo took a closer look at Bitcoin’s recent rally that has seen the price of the flagship cryptocurrency rise nearly 40% in January 2023.

On 31 January 2023, Woo told his one million Twitter followers:

This recent rally coincides with a new pattern emerging of stablecoins flowing into exchanges during work days only. Seems to me like the heat signature of large institutions doing the buying.

He went on to say:

Timing of the inflows spans approximately 16hrs, with the quiet zone being Asian work hours. This suggests it’s Western institutions across US and Europe.

On 24 January 2023, Bitcoin perma-bear Peter Schiff was ridiculed by Woo for hating on Bitcoin despite realizing that Bitcoin’s recent price gains must have made him look very silly for telling $BTC HODLers to “drop Bitcoin” on 12 January 2023. Schiff once again advised people to sell, saying basically that he expects “the entire rally” to reverse and for the Bitcoin price to crash below where it was at the beginning of its rally.

Willy Woo was quick to point to Schiff that what is even worse than HODLers not getting out of Bitcoin now is Schiff “advising people to sell at $3.5k and seeing it rally 2000%.”

Image Credit

Featured Image via Pixabay

Source: Read Full Article