As bitcoin dropped to a monthly low at $39,000 after a few days of consolidating above the $40,000 mark, there was a growing bearish sentiment regarding its immediate price action.
Woo saw the price range of BTC between 37K ~ 40K as a critical accumulation phase which has been ongoing since Mar 2022 and urged investors to hold or buy the dips if they could.
In addition, Woo stated that as long as bitcoin has traded beneath the 200 MA support line since Q4 of 2020, a sufficient amount of “smart money” would start accumulating the largest cryptocurrency by market cap.
Nevertheless, the landscape seems entirely different today as almost the entire market has started its recovery.