What Boosted the Bitcoin Price to the $ 25K Level?
Blockstream founder Adam Back shared his ideas about what drove the price of Bitcoin to an all-time high of $ 25k. Well-known on-chain analyst Willy Woo also expressed agreement with back’s ideas. The duo believe that it is retail buyers rather than institutional investors who have pushed the BTC price to a record this time.
Blockstream CEO and Bitcoin supporter Adam Back shared his views on what is driving the BTC price to record highs once again. Bitcoin price reached a record high of 25 thousand dollars in the first hours of December 26th. Backbencher tweeted that the catalyst for this record was retail investors, not institutional investors.
The Blockstream founder argued that the driving force that propelled BTC to a new record was the retail investor sitting at home, rather than institutional investors who most likely did not operate during the Christmas holiday. On-chain analyst Willy Woo, who stated that back “absolutely agrees” with this analysis, also shared his own comment on the issue soon after.
Retail buyer enters the game
Analyst Willy Woo, who has more than 180 thousand followers on Twitter, commented on the Bitcoin cycle with the graphic he shared. Willy Woo, who said the BTC shortage in Spot exchanges had stopped, said this could mean the completion of the build-up phase of the macro-level cycle. According to woo, if this cycle follows in the steps of the previous one, BTC reserves in exchanges could increase as retail investors affected by the price rise begin to make loaded purchases.
Referring to the fact that retail investors tend to store their coins in exchanges, Woo said that this, in turn, leads to an increase in supply in exchanges in the next cycle. Woo also stressed that this phase of re-accumulation is 2 times stronger than the last cycle. At the same time, this cycle took twice as long to complete, Woo said, adding that the situation was quite “bullish”.