Bitcoin (BTC) At Big Down Risk As Stock Market Corrects Analyst's Forecasts

The world's largest cryptocurrency Bitcoin (BTC) continues to trade sideways after failing to stay above the $40,000 levels. At the time of writing, Bitcoin (BTC) is down 7.5% at $35,274 with a market cap of $658 billion. Bitcoin indicators and on-chain statistics are currently unreliable, making it difficult for analysts. Popular Bitcoin analyst Willy Woo looks at the macroeconomic situation to analyze the situation. Rather than any bullish momentum, Woo anticipates selling pressure on Bitcoin next week. He states that a lot of money is flowing into the US Dollar Index (USD) right now, which means that money is going to safety. For example, Woo points out that if the stock market continues to correct, Bitcoin (BTC) will also enter a strong price correction. In his latest analysis, Woo wrote: “My only concern with downside risk is whether there will be a major correction in stocks that will push the BTC price down, regardless of what on-chain fundamentals suggest. Noting the strength of the USD over DXY shows that some investors are moving to USD.” We are not in a bear market The recent price action in BTC has alarmed investors and some have pointed out that this is the start of a new bear market cycle. Woo denies such a situation, citing the healthy growth of new users joining the Bitcoin network. Courtesy: Glassnode Woo also points out that money is starting to flow back from stablecoin to Bitcoin (BTC). He also states that Bitcoins are in weak hands. As we mentioned earlier, short-term holders (STHs) that have entered the market in the last 1-6 months have suffered ect, but whales and long-term users have accumulated at all stages. In the chart below, Woo also points out that the currency flow started flowing in the last month, but it doesn't. It happens at an "exaggerated" pace. Courtesy: Willy Woo Woo, Like CoinGa, Suggests It Takes Some Time to Burn

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