In a series of tweets on March 11, Willie Wu highlighted the many factors affecting the blockchain and suggested that a further rise in BTC prices was inevitable.
BTC flows to those with very low turnover history
After a sharp reversal to $54,400 on Thursday, bitcoin recovered and sent BTC/USD to a high of $57,200.
Still, given the support from buyers, the pair has yet to break out of the current broad trading range that borders record support at $46,000 and the current highs at $58,300.
For Wu, however, weak hands evaporating and strong hands entering form the backbone of a bullish double that signals the end of this price consolidation phase.
Strong hands came to buy that last drop, he said, showing a chart that shows BTC flowing into portfolios with very little selling history.
The second major consolidation of the bull market in 2021 is almost over.
Data tracking bitcoin’s liquidity shows that more and more people exited the market in March.
Bitcoin fluid flow diagram. Source: Willie Wu/Twitter
As for support, Wu cited data from online regulator Glassnode showing that bitcoin has become a popular purchase among investors, even at $55,000.
A nice confirmation of the validity of these price levels, he added.
Output of unissued bitcoin transactions (UTXO) in the price distribution graph. Source: Glasnode/Twitter
Bitcoin critics ignore opportunity cost
The floating view counts the remaining cryptocurrency skeptics and mainstream media who continue to claim that bitcoin is nothing more than a prudent investment opportunity.
Among them is gold specialist Peter Schiff, who got excited this week when he heard that his son Spencer had reportedly embraced bitcoin 100%.
He sold the last of his #silver shares to raise money, he tweeted Wednesday.
If my own son was already brainwashed, imagine how vulnerable most children are. It will live or break forever.
But while institutional engagement is in full swing, bitcoin advocates have repeatedly warned of the consequences of ignoring the largest cryptocurrency as an asset class in general.
Anyone in the world can get bitcoins. If you’ve put your money into everything else, throw Bitcoin away, sums up Saifedin Ammus, author of the popular book The Bitcoin Standard.
If you don’t beat the bitcoin valuation with what you do, you lose Satoshi. Bitcoin is a new universal tool for measuring the opportunity cost of foregone benefits.
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