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The past month has been a pretty challenging time for bitcoin HODLers, and cryptocurrency in general. There has been precious little to celebrate, save for the fact that prices could easily have gone lower still.

So isnt it about time we had some positive news? Luckily, who should pop up at just the perfect juncture, but Master of On-Chain Analysis, Willy Woo. And according to him, BTCs on-chain momentum is crossing bullish.

Woo made the claim in a tweet posted earlier today, along with a chart featuring several unlabelled wiggly lines. Unfortunately, he wasnt even able to tell us what the indicator is. Apparently it is proprietary to Adaptive Capital, Woos analytics-led hedge fund project with Murad Mahmudov and David Puell.

All Woo did say was that it tracks investor momentum, presumably by considering a combination of bitcoin on-chain transaction volume, and perhaps UTXOs (unspent transaction outputs) to chart BTC HODLing. There appear to be at least two sets of indicators, one of which looks like a set of different timescale moving averages.

After November we had to cover our faces with our hands for, and sit and watch through slits in our fingers. Perhaps thats fair enough.

You might also be heartened by Woos assertion that the bitcoin bottom is most likely in, saying that, anything lower will be just a wick in the macro view.

From here on in we are front running in preparation for the halving, he says.

When questioned on his degree of confidence in this particular bitcoin prediction, Woo pointed out that:

I only tweet when Im at high confidence, else it erodes my rep.

During the summer, Woo introduced us to the Bitcoin Difficulty Ribbon, giving a simple metric to compare several moving averages of mining difficulty on different timescales. This is also currently starting to compress, indicating that now is a good time to buy bitcoin.

Does Willy Woos comments on on-chain bitcoin volume make sense? Let us know in the comments!

Images via Shutterstock, Willy Woo

Read the rest here:
Bitcoin On-Chain Momentum Is Crossing Bullish: Willy Woo - Bitcoinist