Key Points
- On-chain analyst Will Woo suggests a potential return to a bear market for Bitcoin.
- Woo highlights a Short-Term Holder (STH) support at $58,900 and a peak in the Cumulative Volume Delta (CVD).
On-chain analyst Will Woo has recently shared his insights on Bitcoin’s price movements, suggesting that a return to a bearish phase could be on the horizon.
Woo made his comments on X (formerly known as Twitter), where he pointed out that Bitcoin currently has a Short-Term Holder (STH) support at $58,900. He further added that a fall below this price could potentially challenge the prevailing theories about an upcoming bull market.
Understanding the Cumulative Volume Delta
In addition to the STH support, Woo also brought attention to the Cumulative Volume Delta (CVD). The CVD is a metric that calculates the net difference between an asset’s buying and selling pressure over a medium to long-term timeframe.
According to Woo, the CVD for Bitcoin has reached its peak. If this is indeed the case, it could suggest that a decrease in Bitcoin’s price might be imminent. Woo concurred with this prediction, indicating that a potential downturn in Bitcoin’s price could be on the cards.
