Analyst: BTC’s On-chain Fundamentals Still Bullish

Since the $16,500 highs set a few days ago, Bitcoin has encountered a little retracement. Nonetheless, a leading analyst stated that Bitcoin’s on-chain fundamentals are still bullish.

As of this article’s writing, the leading cryptocurrency has dropped to $16,000. Moreover, on Saturday morning, it fell as low as $15,700.

Despite all these, Willy Woo, a leading analyst, said that on-chain fundamentals are staying bullish.

WILLY WOO: BITCOIN REMAINS BULLISH

A few days ago, Bitcoin went as high as $16,500. Since then, Bitcoin has encountered a little retracement. As of the moment, the leading cryptocurrency has dipped to $16,000 and it even stooped as low as $15,700 on the morning of Saturday.

Analysts are worrying that this drop is the beginning of a stronger move to the downside. It is a sure thing to say that the cryptocurrency hovering around $16,000 support is a worrying sign.

However, Willy Woo, a well-known on-chain analyst, said that there is no huge reason to be worried.

still bullish

He claimed that BTC’s short-term technical are in a bearish condition. There was a bearish four-hour relative strength index divergence. Moreover, on the eight-hour chart, there was Tom Demark Sequential 9. Nevertheless, he added that the on-chain fundamentals are staying bullish which is the thing that really matters.

Woo pointed out two on-chain trends that are happening at the moment. The first one is the increase in the number of Bitcoin being sent to customer wallets from exchanges. The second one is the increasing number of active and new users of the Bitcoin network.

NOT THE ONLY BULL THAT THINKS SO

There are others who are bulls that also think Bitcoin will keep its climb in the days ahead. Recently, a trader expressed his thoughts regarding the Bitcoin’s price action. He argued that in the near future, a move to $17,000 or $18,000 could take place.

He further said there is enough chance that Bitcoin would break $17K and even $18K in the coming 10 days.

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