Willy Woo speculates on end of bear market

Willy Woo is known within the industry as one of the best and most experienced on-chain analysts. Now he has shared an interesting chart from his private collection via Twitter which seems to indicate that we have now passed the bottom of the bear market.

Accumulation phase started

The chart below clearly shows that bitcoin has entered a new accumulation phase. Something which during past bear markets was accompanied by a bottom. In both 2012, 2015 and 2018 bitcoin made a bottom during the accumulation phase.

In that respect, this is a hopeful chart that Willy Woo also brings in this way. "Use it as you see fit to time the bottom," Woo said of his chart.

After the collapse of Luna and the bankruptcies of Voyager Digital, Three Arrows Capital and Celsius, the rescue of BlockFi, the selling of Tesla and terrible macroeconomic conditions, the worst seems to be behind us for bitcoin.

Not everyone agrees with Woo

Not everyone agrees with Woo, who in the past even stopped his paid newsletter because he felt his analyses were not worth the money.

https://twitter.com/Bitcoin_Lives/status/1553251924866002944

Others feel that we have not yet undergone an actual "capitulation". Before we reach a bottom, they say, we must go through another phase of pure panic. That may be, everything is open in that respect.

For now, however, it seems that bitcoin has bottomed, also given the fact that we are already trading about 35 percent above the local bottom of 17,600. It looks like we would need a lot of bad news to dip below that.

That bad news could come from the macro side of the big picture. If central banks do not get inflation under control, we may well be in for some more rate hikes and that is not good for bitcoin.
https://www.indexuniverse.eu/willy-woo-speculates-on-end-of-bear-market/