Willy Woo: Are you crazy to sell your Bitcoin now?

Willy Woo, a well-known on-chain analyst, said that 2021 is a "crazy bullish" year for Bitcoin because the current price increase has entered the final stage of outbreak.

Willy Woo said in the latest episode of the "What Bitcoin Did" podcast released today that this year, we are about to witness the "last explosive bull run" in Bitcoin's three-year continuous rise.

“You’d be crazy to sell now,” Woo joked. “Because, there are more people buying the dip than ever before, setting a new record for 2021, and everyone knows the person buying the dip is Rick Astley, and he won’t let us down.”

In Woo's terminology, "Rick Astley" refers to long-term traders who keep buying Bitcoin but almost never sell it, meaning they "will never give up" their Bitcoin. According to Woo, generally speaking, people should not sell Bitcoin at this time because the price of BTC is currently in a newly emerged bottom area.

“I think we are at the bottom now and I am certainly adding to my long positions myself right now.”

Woo gave the basis for his bullish view: on Coinbase, some people continue to buy Bitcoin, and then these BTC will flow out of Coinbase to cold wallets in large quantities.

“It could be an institution that has not officially announced the purchase, or it could be one or several private hedge funds. However, it is basically certain that there are definitely many buyers on Coinbase, and these buyers are often American institutions.”

The last explosive bull run

Woo also explained that the current situation is completely different compared to previous Bitcoin price cycles and bull markets, mainly due to the various new players that have entered the cryptocurrency market in the past few years, especially institutional companies such as MicroStrategy and Tesla.

Woo also pointed out that the recent bear market lasted only one year, and today the cryptocurrency industry is experiencing another bull market phase, which usually lasts about three years. In the first phase of the bull market, the "accumulation bottom" may last for 3 to 9 months. Then it enters the early stage, the market accelerates and starts, making everyone excited, and then the real, main bull market phase, which usually ends within a year, such as in 2013 and 2017. 2021 is the main stage of this bull market, which is the last explosive bull market.

However, Woo also acknowledged that while a so-called "super cycle" - an extremely long period of exceptionally strong demand growth - could occur, "we could also have a bad fall".

As CryptoSlate reported, Cathie Wood, CEO of asset management firm Ark Invest, believes that Bitcoin’s market cap exceeding $1 trillion is just the beginning of price discovery for the cryptocurrency.