Bitcoin (BTC) may be having problems peachy all-time highs only one of its best-known analysts believes its sideways trading is "nearly consummate."

In a series of tweets on March 11, Willy Woo pointed to multiple on-chain factors suggesting that fresh BTC cost upside is imminent.

BTC flows to those with "very piddling" selling history

Bitcoin saw a return to form on Thursday later on a dip to $54,400 abruptly reversed, sending BTC/USD to highs of $57,200.

With buyer support in show, the pair is still however to break out of its current wide trading range, bordered by record back up at $46,000 and the current all-time highs of $58,300.

For Woo, however, weak hands evaporating and stronger ones stepping in formed the backbone of a bullish take which calls for the cease of this consolidatory price phase.

"Strong hands came in to buy this latest dip," he said, aslope a nautical chart showing BTC flowing to wallets "with very petty history of selling."

"The second major consolidation of the 2021 bull market place is nigh complete."

Information tracking changes in the liquid supply of Bitcoin showed more than and more leaving the market place during March.

Bitcoin liquid supply change chart. Source: Willy Woo/ Twitter

On the topic of back up, Woo pointed to data from on-concatenation monitoring resources Glassnode showing that even at $55,000, Bitcoin was a pop purchase amidst investors.

"A nice confirmation of the validity of these price levels," he added.

Bitcoin unspent transaction output (UTXO) realized price distribution chart. Source: Glassnode/ Twitter

Bitcoin critics ignore "opportunity cost"

The buoyant perspective counters the remaining naysayers from within cryptocurrency and the mainstream media, who continue to claim that the Bitcoin is anything but a sensible investment opportunity.

Amid them was gold problems Peter Schiff this week, who aghast at news that his son, Spencer, had reportedly gone 100% Bitcoin.

"He sold the last of his #silver stocks to raise the cash," he tweeted on Wednesday.

"If my ain son is this brainwashed imagine how vulnerable virtually kids are. He'southward HODLing to infinity or bust."

With institutional date nevertheless in full swing, yet, Bitcoin proponents delivered repeat warnings about the consequences of ignoring the largest cryptocurrency as an asset class altogether.

"Everyone in the world tin can get bitcoin. If you kept your coin in anything else, you are forgoing bitcoin," Saifedean Ammous, author of the popular book, "The Bitcoin Standard," summarized.

"Unless y'all are beating bitcoin appreciation with whatever yous're doing, y'all're losing satoshis. Bitcoin is the new universal unit for measuring opportunity price."