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At the time of writing, Bitcoin is trading at $17,163.90, up 3.5% in the past week, after trading sideways in the $16,000 range since the collapse of FTX. The push above $17,000 is a small win for those in the bitcoin community, considering the circumstances but the mainstream would have everyone believing that the world is ending and Bitcoin is going to zero, as stated by the European Central Bank. In a statement, The European Central Bank said bitcoin is on an “artificially induced last gasp before the road to irrelevance.” When statements like this start floating around the media, it’s an indication that the bottom is near, according to on-chain analyst Willy Woo. In an interview with Scott Melker, Willy Woo gave his take on the sentiment around Bitcoin. Woo believes that not only does the media propaganda around Bitcoin give a hint that we are near the bottom, but the on-chain analysis supports this as well. It wouldn’t surprise Willy Woo to see a $10-12k bottom, but all the data suggest that we are close to the end of the bear market.
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