The number of bitcoin users is growing despite the fact that its price has dropped

Finance Page d'acceuil

June 30, 2022

Famous crypto analyst Willy Woo reported a few days ago that the Bitcoin network is reaching the highest number of users ever, despite the fact that cryptocurrency’s value has dropped dramatically. Indeed, the number of people purchasing the currency has significantly increased.

While acknowledging that the price of bitcoin seems to have stagnated between $30,000 and $40,000, famous cryptocurrency analyst Willy Woo recently suggested that the market is experiencing a surge in new investors, noting that the currency could be experiencing an “all-time high” in users. Woo stated on the What Bitcoin Did podcast :”User growth is close to an all-time high on the network. We’ve got all the little guys coming in to buy and stack. People that have holdings of less than one Bitcoin are buying Bitcoin furiously”.

Apparently, due to the fact that there are new investors continuously, the period which could have seemed negative is getting pretty special, which has made investment leaders such as Anthony Pompliano, Michael Saylor or Jack Dorsey, analyse the current situation as a good buying opportunity.

Finally, Willy Woo also explained that the currency is moving according to the “Wyckoff method”, which is a model that suggests that big investors are expanding their capital because they anticipate a big increase in the short term.