Popular on-chain analyst and market commentator Willy Woo said that the Bitcoin bull run still has a long way to go in an interview with podcaster Peter McCormack. Bitcoin Bull Run Not Yet Over Says Willy Woo Appearing in an interview on May 21, on the What Bitcoin Did podcast episode, crypto analyst Willy Woo talked about Bitcoin’s recent network and price activity, and its current state. Referring to data from Bitcoin’s NVT ratio, Woo pointed out the immense amount of the network’s activity compared to the cryptocurrency’s market valuation. Acknowledging that the macro indicators point towards the overall price positivity for the cryptocurrency, he remarks “This is just a middle of the bull market derivatives unwinds.” Despite the cryptocurrency’s long-term bullishness, the digital asset recently went down below the $30,000 price mark. “I think it’ll take a bit of time to recover, just from the sheer amount of coins that we dumped out. I think ultimately if you look at the network health, this is a good thing,” assures Woo. On podcast host, Peter McCormack asking him “So it’s not the end of the bull market?”, Woo responds “No, not at all.” Current Bull Cycle Different from the Previous In a Twitter thread on May 9, Woo noted that Bitcoin holders are accumulating at an unprecedented level over the past few months based on data from Glassnode. This only confirms that Bitcoin’s current bull cycle is different from past bull runs that ended in a significant price dump, per the analyst. A few observations regarding the trend towards strong HODLing… 1) No way are we entering a bear market. That's obvious this week from price action, but not so obvious 2 weeks ago when the sky was falling. — Willy Woo (@woonomic) May 9, 2021 Besides, the cryptocurrency moving to corporate treasuries making an impact on the market, the analyst cites that Grayscale Investment Trust now accounts for 3.5% of the supply and only allows BTC inflows into its cold storage. He also noted that the leverage market has significantly grown in size over the last few years, allowing traders to speculate while moving only fewer amount of coins.
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