Popular analyst Willy Woo, who draws attention with his analyses in the cryptocurrency market, announced his latest predictions for the Bitcoin price.
Accordingly, Willy Woo criticized the long-term holding (LTH) metric used in his recent Bitcoin (BTC) analysis as outdated and misleading.
Woo said that the 'long-term holder' metric, defined as Bitcoins held for more than five months, is flawed and that the metric based on long-term versus short-term investor selling is outdated.
At this point, Woo commented on Bitcoin's recent decline, stating that it wouldn't be accurate to attribute the price fall solely to long-term investors selling.
Woo clarified that while long-term investors did sell, the Bitcoins they sold were immediately transferred to new buyers and institutional investors such as treasuries.
He elaborated, "The selling from long-term investors reflects more of a holding rotation.
That is, Bitcoins are changing hands to new investors or being transferred to institutional structures such as treasuries."
Bitcoin Could Rise Within Two Weeks
Willy Woo also shared on his X account that the latest Bitcoin liquidity indicator has begun to show signs of recovery.
At this point, Woo predicted that Bitcoin's price will start to rise in approximately two weeks if the liquidity recovery continues.
“The latest Bitcoin liquidity indicator (leading signal shown by the dashed line) has started to show signs of recovery.
If this liquidity recovery trend continues, Bitcoin's price will enter an uptrend in about two weeks.”
Bitcoin, which has seen a 1.5% increase in the last 24 hours, continues to trade at $103,300, according to data.