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As Bitcoin continues sideways inside the $30,000-$40,000 range, new data is emerging about the potential for a bullish breakout. The supply shock is being unnoticed similar to Q4 2020 before the BTC price skyrocketed, says Willy Woo.

Willy Woo, an on-chain analyst, anticipates a potential supply shock in the Bitcoin market as long-term holders continued raking BTC supply from short-term ones. Woo stated in his July 2 newsletter that the process might push more Bitcoin out of circulation.

“It reminds me of the supply shock that went by unnoticed by the market in Q4 2020,” wrote Woo. “Pundits were debating whether BTC was an inflation hedge in a post-COVID world when the data was pointing to long term investors stacking BTC at a fast pace.”

In other trending Bitcoin News today: Bitcoin miner revenue jumps by 50% in 4 days after the BTC network saw its biggest-ever record difficulty drop, data shows. According to figures from monitoring resource, daily revenues have surged by over 50%.

“Whilst the protocol’s now issuing the same number of coins as it regularly does, having difficulty wound down, we’re now in a situation where half the network has doubled their income and the other half of the network is essentially producing nothing.”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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TA: Bitcoin Consolidates Below $35K, What Could Trigger Fresh Rally