In accordance with the statement released by Willy Woo, a Bitcoin technical analyst, those who are not going to give up on Bitcoin are still accumulating. Woo believes that as the on-chain indicators are pointing towards recovery, this is not a bear market and the asset is still being purchased by long-term holders.
In an interview conducted on the “What Bitcoin Did” podcast on June 28, Willy Woo commented on it and stated that he does not believe that Bitcoin is in a typical bear market due to signs of buying.
In addition to this, he mentioned that we are in a conjectural phase and those coins that were sold earlier this year are slowly being absorbed by the long-term holders.
Woo released a statement after conducting the Bitcoin Price chart analysis that said that it is a cycle that is not similar to any previous cycle they have ever seen as the structure is fully different and said:
Moreover, addressing the current regulatory pressure in China and the United States, Woo said: