Bitcoin Price Dropping To $21,000 Is Actually Not A Bad Thing – Analyst Says

Bitcoin Price Dropping To $21,000 Is Actually Not A Bad Thing – Analyst Says

Bitcoin Price Dropping To $21,000 Is Actually Not A Bad Thing – Analyst Says

Bitcoin price may have nosedived to $21,000 but this analyst says it’s not an entirely bad thing. Willy Woo, on-chain expert analyst says that Bitcoin’s recent decline to $21,000 is mostly due to the massive sell-off by traders.

However, there’s no reason to hit the panic button because the sell-off is linked to negative net flow on major exchanges which hints that most of the participants are looking to amass or buy the dip to store in their wallets, taking advantage of the price decline.

As of this writing, Bitcoin price is at $21,418, down 12% in the last seven days, data from Coingecko show.

Bearish Stance Continues For Bitcoin

There were zero inflows observed during summer on main exchanges. Most traders were just beefing up on liquidity and avoiding buying coins at cheap prices.

While traders and investors have maintained a positive stance and confidence in Bitcoin price despite the price dip, the dramatic plunge of BTC to $21,000 is a clear illustration of the pain points surrounding the crypto market as a result of the negative issues around Bitcoin and Ethereum.

Willy Woo is considered to be a popular and sought-after expert and analyst in Bitcoin and other digital assets. He has a solid cult following of over 1 million on Twitter and a reputable paid newsletter on Substack.

As a crypto analyst, Woo creates content that helps many investors and even those who are new to crypto to understand how crypto markets work.

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