Bitcoin (BTC) price trajectory is looking to favor bulls going forward, statistician Willy Woo believes as the market nears $11,000.
In a series of tweets on Sept. 14, Woo highlighted strength in market composition and said that current price levels could be a useful entry point for investors.
Woo: Little chance of “catastrophic” BTC price dump
“Another impulse of coins changing hands has completed, the next directional move over the coming weeks is likely upwards,” he summarized.
“It’s very unlikely we’ll see any kind of a catastrophic dump in price from here.”
Woo was referring to on-chain activity on the Bitcoin network seeing a spike in recent weeks as BTC/USD fell to local lows of $9,800.
Monday saw a bounce higher toward $10,800 — a price point that analysts have already said forms a crucial pivot for further bullish momentum.
Bitcoin on-chain activity vs. BTC price 6-month chart. Source: Willy Woo/ Twitter