Signs of a Bullish Market
On-chain analyst Willy Woo believes Bitcoin is in a full-blown bull market, citing strong on-chain activity. He notes that Bitcoin’s price is rising and coins are moving actively, indicating real investors are purchasing and holding Bitcoin.
Spot ETFs as a Remedy
Woo also highlights the approval of spot Bitcoin exchange-traded funds (ETFs) as a remedy for “toxic paper BTC,” or derivatives that represent Bitcoin without actual ownership. He believes the decline in paper Bitcoin is bullish, as it removes a downward pressure on the price.
Halving on the Horizon
Woo emphasizes the upcoming Bitcoin halving, scheduled for April 18th. This event will reduce Bitcoin’s inflation rate to less than half that of gold, making it “the hardest money in the history of humanity.”
Bitcoin’s Performance
At the time of writing, Bitcoin is trading at $72,367, up nearly 4% in the past 24 hours and over 60% since the start of 2024. Woo encourages investors to “buckle up” for further price action.
