Woo said the glut of high-net-worth investors is positive for Bitcoin’s price outlook, putting a significant amount of buying pressure on $BTC that could extend long-term.
According to Woo, the previous generation of Bitcoin holders were replaced in the fourth quarter last year with “high-net-worth purchasers” that drove the price higher with accumulation.
There is never a time that you would see people not being bullish about the price of Bitcoin. Every time, even when it is clear that we are in a bearish market, you would still see people who are saying that there is going to be a bull run. The bull run will come, but it is not going to be something that would happen soon. It has already happened, and it is something that takes time.
When it Comes we are surely going to see a bullish trend in the market. But for now I think it is over. Maybe it’s going to be like this until we see another halving take place. But before we see the next bullish trend, the price of Bitcoin will still continue to be going up and down around this price of $30k to $40K or maybe a bit above that.