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Analyst: No further Bitcoin slump from small traders expected

 


High volume candles, which go hand in hand with Bitcoin declines, are already there on the derivatives exchanges, says Willy Woo.


Another, speculative decline in the price of Bitcoin ( BTC ) is not to be expected, as one of the best-known analysts in the industry predicts.


In a Twitter discussion on December 20, Willy Woo, founder of on-chain data resource Woobull, said the popular retail exchanges will not trigger another BTC price decline.


Despite the crisis: US retail trade calm

Woo discussed the chances of a renewed decline with the experienced trader Peter Brandt, who has been very good at forecasting lows for Bitcoin in recent years .


Brandt said the volume spikes that accompany price drops did not occur in December compared to earlier phrases. The "real" surrender phase is still pending.


Woo argued speculative derivatives traders were behind the plunge to $ 41,800 earlier this month. Retail investors would continue to hold BTC. Therefore, the volume data from Coinbase or other trading platforms are not a suitable indicator of an impending slump.


"This is a Coinbase chart, the selling pressure comes from the withdrawals of leverage on the futures markets and also on the Asian spot exchanges," he wrote.


"Overall, there are still no signs of an on-chain sell-off (hold HODLers, sell speculative investors). Effectively a consolidation in the weak liquidity in December."

Brandt seemed to accept reasoning.


Open interest continues to grow

As Cointelegraph reported , small traders have been buying in the past few weeks. This is confirmed by the inflows into wallets of 1 BTC or less.



While the elections are still waiting, derivatives traders appear to be regaining confidence. The open interest in Bitcoin futures has risen steadily since the slump .


The Grayscale Bitcoin Trust is trading at the biggest discount ever this week .


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