On-Chain Analyst: BTC’s Recent Rally Is Owing to ‘Large Institutions Doing the Buying’

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On-Chain Analyst:  <b><u>BTC’s</u></b> Recent Rally Is  Owing to ‘Large Institutions Doing the Buying’

Recently, trending and highly respected on-chain Bitcoin (BTC) analyst Willy Woo took a closer look at BTC’s recent rally that has seen the price of the flagship digital currency boost nearly 40 percent in January 2023.

On 31 January 2023, Woo told his one Million Twitter followers:

This recent rally coincides with a new pattern emerging of crypto stablecoins flowing into exchanges during work days only. Appears to me like the heat signature of large institutions doing the buying.

He went on to say:

Timing of the inflows spans approximately 16hrs, with the quiet zone being Asian work hours. This suggests it’s Western institutions across United States and Europe.

On 24 January 2023, Bitcoin (BTC) perma-bear Peter Schiff was ridiculed by Woo for hating on Bitcoin (BTC) regardless of realizing that BTC’s recent price profits must have made him look very silly for telling $ Bitcoin HODLers to “ fall Bitcoin” on 12 January 2023. Schiff once more advised people to sell, saying basically that he expects “the entire rally” to reverse and for the Bitcoin (BTC) price to collapse below where it was at the beginning of its rally.

Willy Woo was quick to point to Schiff that what is even worse than HODLers not getting out of Bitcoin (BTC) now is Schiff “advising people to sell at $3.5k and seeing it rally 2000%.”

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Featured Image via Pixabay


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