An on-chain analyst with a large following predicts that Bitcoin bears will soon face a major setback after last week’s cryptocurrency correction. Willy Woo, the analyst, shares his insights with his 1.1 million followers on the social media platform X, stating that the recent retracement of Bitcoin to $60,000 has eliminated leveraged long positions. However, Woo believes that Bitcoin’s decline will not be a straight line, as he expects bullish investors to defend the strong short-term holder (STH) support level at $59,000. He suggests that there is a higher probability of a bounce-back in Bitcoin’s price, which could lead to the liquidation of traders who shorted the cryptocurrency at around $70,000.

Woo also pays close attention to the amount of Bitcoin available on crypto exchanges. He notes that the supply of BTC on exchanges has been decreasing since October 2022, indicating that demand will eventually surpass supply and drive Bitcoin to new all-time highs. Woo emphasizes the importance of patience and advises against impulsive trading.

Furthermore, Woo highlights the current consolidation phase around the all-time highs of Bitcoin, stating that it is establishing a strong support level for the cryptocurrency. He believes that the ongoing accumulation of Bitcoin between $60,000 and $70,000 will solidify its position as a trillion-dollar asset. Woo asserts that as Bitcoin continues to consolidate at these levels, it strengthens its price discovery process and ensures its long-term stability.

As of now, Bitcoin is trading at $63,272, experiencing a 4% decrease in the past day.

Disclaimer: The opinions expressed by Willy Woo and The Daily Hodl are not financial advice. It is recommended that investors conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The risks and losses associated with transfers and trades are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing.