Celebrity analyst Willy Woo: selling your Bitcoins (BTC) is madness!

Celebrity analyst Willy Woo: selling your Bitcoins (BTC) is madness!

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 Elon Musk is back on stage.News that Tesla would accept bitcoin (BTC) as a payment method for its customers in America caused movement in the market, which led to the price of BTC rising 5 percent to $ 57k. 

The price of Bitcoin has been rejected three times since mid-March at $ 60k and has been stuck in a consolidation phase ever since.Even if BTC remains below $ 60k for now in consolidation territory, Musk has breathed new life into the market. Looking ahead to the next few days, however, analysts are promising more upside for the market.

As Macro analyst Alex Kruger points out, the stimulus package in America has been a disappointment so far. “Perhaps the surveys regarding the amount of money to be allocated to cryptocurrency purchases were largely inaccurate,” Kruger said. However, Yahoo Money reports that starting today, U.S. citizens will be paid the second part of the incentive package, and so hopes in this direction are not yet over.

There is also no doubt that Morgan Stanley's Bitcoin service will launch next week, according to Eric Weiss, chief executive of Blockchain Investment Group. Access to the funds will be given only to people with at least $ 2 million in assets and investment firms with at least $ 5 million in the bank.

Although the bank limits investments to 2.5 per cent of total net assets, the launch of the Morgan Stanley service could contribute to a further tightening of Bitcoin supply and could be another element of support for the market.

Complete Madness

Meanwhile, Bitcoin miners are also now signalling that periods of steady sales pressure may be coming to an end. As previously reported, miners have been putting steady selling pressure on Bitcoin since the start of the year. We witnessed two days at the beginning of March when miners did more BTC hodls than they sold, and as MicroStrategy CEO Michael Saylor pointed out, yesterday miners again did more hodls than they sold.

Analyst Willy Woo today said it was “complete madness” to sell Bitcoin now, adding:” long-term investors continue to buy from the bottom, " Woo shared the charts below to support his claim.

 The first chart shows that Bitcoin continues to withdraw quickly from exchanges. The second chart shows that cryptocurrencies are increasingly moving into “strong hands with minimal sales history.”

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