Bitcoin’s (BTC) current market structure is displaying all the signs of a “full-blown” bull market, according to on-chain analyst Willy Woo.
Woo tells his one million followers on the social media platform X that the top crypto asset’s price is “ripping” and that lots of coins are moving on-chain, which indicates real investors are buying Bitcoin at higher prices and validating it.
The analyst also argues that the newly approved spot Bitcoin exchange-traded funds (ETFs) serve as a remedy for “toxic paper BTC,” which means derivatives that represent BTC but don’t involve actual ownership.
“The flood of paper Bitcoin seen in the last cycle is now receding. This is bullish.
Of note is the 2022 bear [market]… spot investors continued to buy, but the price crashed. Paper BTC flooded the market, producing the price decline.
2023-2024 is marked by a reduction in spot supply and also more importantly paper BTC.”
Woo also calls attention to the upcoming Bitcoin halving, which is currently slated to happen on April 18th.
“40 days to the Bitcoin halvening when BTC inflation drops to less than half that of gold, which makes it the hardest money in the history of humanity. Buckle up.”
Bitcoin is trading at $72,367 at time of writing. The top-ranked crypto asset by market cap is up nearly 4% in the past 24 hours, more than 7.5% in the past week and nearly 64% since the start of 2024.
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