Popular Crypto Analyst On Holding Bitcoin: 'It's Like Chewing Glass 75% Of The Time, Then Snorting Cocaine For The Last 25%'

Renowned crypto analyst Willy Woo recently shared his perspective on the extreme nature of holding Bitcoin BTC/USD, likening it to a mix of enduring hardship and exhilarating reward.

What Happened: On Tuesday, Woo took to Twitter to express his views on the volatile nature of Bitcoin. He described the experience of holding the cryptocurrency as “chewing glass 75% of the time, then snorting cocaine for the last 25%.”

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His tweet comes in the wake of a turbulent period for Bitcoin, with the cryptocurrency experiencing significant selling pressure and price dips.

The “Crypto Fear & Greed Index” by Alternative was seen at “Greed,” at the time of writing. The index measures investor sentiment on a scale of 0 to 100 where 0 denotes “Extreme Fear” and a value of 100 means “Extreme Greed.” Last week, the index was at “Extreme Greed.”

Why It Matters: Woo’s comments reflect the recent market dynamics of Bitcoin. As per a Benzinga report, Bitcoin and other major cryptocurrencies took a hit on Tuesday evening, encountering high selling pressure.

Recently cryptocurrency analyst Michaël van de Poppe urged investors to see the recent dip as a buying opportunity, emphasizing that corrections are a regular part of market cycles.

Bitcoin has fallen nearly 10% since it hit an all-time high of $73,750.07 on March 14, 2024. Even so, the apex cryptocurrency has managed to return 51.24% since the year began.

Price Action: At the time of writing, Bitcoin traded 4.2% lower at $$66,316.52, according to data from Benzinga Pro.

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