Willy Woo noted that long-term Bitcoin holders now control over 14 million coins, or 71% of the circulating supply.
According to him in my opinion, Such significant accumulation by long-term holders is a positive sign of overall stabilization of the market situation. Willy Woo noted that gradually the bears are starting to lose their dominance.
In September, the first cryptocurrency will most likely be in a sideways trend, and the upcoming publication of US employment data this week will be crucial in determining the Federal Reserve’s decision to cut rates, which will affect BTC quotes, the expert noted.
If there are no extraordinary events over the next few weeks, then we should expect a change in the price of Bitcoin only at the beginning of October, the analyst believes.
According to Willy Woo, the predictions of some experts that the cryptocurrency will be able to overcome the $65,000 mark in the short term are unlikely to come true, and we will have to wait for the historical maximum to be overcome for several more months, possibly by the end of the year.
It is worth remembering that September is historically a weak month for Bitcoin, so the expert’s forecast may indeed be correct.
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Source: Cryptocurrency
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