Bitcoin is still "halfway" through its electric current balderdash market, and this week's price dip turned out to be a "win" for hodlers, co-ordinate to on-chain analyst Willy Woo.

In the latest edition of his marketplace updates, which he made publicly attainable, the popular statistician outlined multiple factors that all suggest that Bitcoin (BTC) is anything merely bearish.

Woo: BTC price did non reach "mania top"

BTC/USD recovered strongly after hitting lows of $30,000 on May xix, preserving its gains after the sharpest recovery in its history.

"Are nosotros in a bull market? Long range macro indicators similar NVT ratio are very healthy, that remains unchanged," Woo wrote.

"So yes, this is not a mania top which all BTC balderdash markets terminate in, price is BELOW fundamentals, non to a higher place it. We are notwithstanding halfway."

NVT, or network-value-to-transaction ratio, is a popular metric that aims at identifying profitability among hodlers. Every bit Cointelegraph reported before this week, even earlier the dip NVT was signaling a ownership opportunity at toll levels around $42,000.

NVT price, which Woo calls an "organic" valuation of Bitcoin, still lies at $55,000, which along with stock-to-flow-based projections of $60,000 advise that BTC/USD is considerably undervalued.

The largest cryptocurrency may already accept the tools it needs to regain its lost basis, thanks to a shakeout of leveraged traders and the now-muted furnishings of Elon Musk tweeting negative comments.

In fact, the dip may have been just what Bitcoin needed.

"Newish whales dumped out, retail bought a chunk of the dip, coins getting more than distributed, I'll take that equally a win," Woo added.

Bitcoin funding rates history. Source: Bybt.com

Notably, the abrupt drop to $30,000 resulted in Bitcoin funding rates flipping negative beyond the board to tape lows, which could provide fuel for a massive curt squeeze.

"That cleanse set up Bitcoin for $100k. Funding rates largely reset," Messari annotator Mira Christanto commented regarding the latest Bitcoin funding rate information. She added:

"The shakeout before the breakout."

$4 billion in irrational trades disappear

On the topic of a trader shakeout, fresh information from Glassnode shows but how much leverage was flushed from the marketplace during the driblet to $30,000 and the ascent back to $40,000.

Over the class of the 24-hour interval, open interest in Bitcoin futures vicious from above $17 billion to below $13 billion and stayed at those levels.

"Cheerio leverage," analyst William Clemente commented regarding the figures.

Bitcoin futures open up interest chart. Source: William Clemente/Twitter

For new buyers inbound the space, Blockstream CEO Adam Dorsum, meanwhile, had some cautionary words.

"Thoughts on leverage. *don't*!" he summarized in a series of tweets.

"Better but hodl, dca, common cold store. if you're gonna utilize leverage for fun/profit, you lot're increasing risk a lot. do information technology with max x% of coins (or less). never place a leverage merchandise without a limit stop, or implicit finish from minor position liquidation."