On-chain analyst Willy Woo says recent bitcoin sales may be due to incorrect data related to a billion-dollar whale transfer.
Willy Woo: Recent Bitcoin Selling Was Caused By False Whale Alert!
In a new interview, veteran analyst Willy Woo says a whale that put $1.5 billion worth of bitcoin into action could be the catalyst behind the massive bitcoin sell-off earlier this month. After speaking with Glassnode CTO Rafael Schultze-Kraft, Willy Woo said false data on the movements of a giant BTC box suggests a bitcoin whale is moving its cryptos to the Gemini exchange, where they are traded on the open market can be sold. But according to the analyst, the move was actually an internal transfer of Gemini’s funds. Willy Woo adds the following to his comments on the subject:
I was trying to understand this big sale. And you know, the peak started when there was a little warning that we had just floated $1.5 billion to sell… Hypothetically, these BTCs were sold. And I think word of that has gotten around among investors and we’re starting to see the sell-off coming after that. I spoke to Glassnode’s CTO and only wallets actually have a labeling error. There was only an internal movement of cryptocurrencies within Gemini.
. False Whale Alert is over. Willy Woo adds:
This may have killed our momentum. We’ve moved a lot to get to the bottom of the truth because we’re flying well above the base ground. But yes, that could be the reason for this crazy sale. And that was just the horror of bad information.
As bitcoin price has plummeted, Willy Woo says his proprietary data on bitcoin fundamentals and price action shows the most beautiful cryptocurrency remains in a strong uptrend. Additionally, the analyst notes that BTC has a tough spot in the $35,000 region.
Here are the pinpoint claims of master analyst Willy Woo
Willy Woo is called “Bitcoin Master and Oracle” because of his successful assumptions. The analyst argued that when Bitcoin saw the process from $7,500 in May, the price would fall to $5,500 in the third or fourth quarter and the price target provided by the analyst was realized.
Willy Woo, who suggested that $3,000 in Bitcoin will later be seen, also knew this. In addition, the analyst achieved a high success rate in his assumptions based on the NVT formula he developed. Willy Woo has made some very truthful assumptions over the past few weeks. At the end of August, the analyst knew about Bitcoin’s fall to $9,000 and its rise from $10,000 to $11,200.