Willy Woo Addresses Bitcoin Price Analysis

Willy Woo Addresses Bitcoin Price Analysis

Willy Woo is addressing the price of Bitcoin these days. Check out the latest reports about this below.

Willy Woo addresses the Bitcoin’s price

Buy Property with Cryptocurrency

At the moment of writing this article, Bitcoin is trading in the red and the king coin is priced at $30,723.

An esteemed on-chain analyst, Willy Woo, has suggested that Bitcoin (BTC) may have further growth potential following its recent breakthrough of the $30,000 mark. Woo has shared with his one million Twitter followers that he is closely monitoring Bitcoin’s fundamental strength indicator, which tracks 17 key technical and fundamental indicators.

The analyst predicts that Bitcoin could potentially surge over 30% from its present value of $30,555 before the top digital asset reaches an overbought condition.

“If this move completes, here’s a chart to give an idea of how much room we have to move before it’s fundamentally overheated.

By fundamentals, I mean what’s happening across the BTC network… miners, cost basis of latest investors, experienced hands selling, technicals, etc.”

According to Woo, Bitcoin could cross the $40,000 level in an extension of its current rally.

“i.e. ~$40,000 BTC.”

The analyst says that Bitcoin’s latest surge was likely driven by veteran traders accumulating BTC when the king crypto’s price dipped down to about $25,000 last week.

“This move was dominated by pros accumulating against a price decline.

Chart shows futures demand, usually the instrument of pros.

They aren’t lightening their bags just yet, this can change fast.

Spot demand (longer term) was insignificant.”

Bitcoin in the news

Santiment, a platform for analyzing blockchain, has made a prediction that the crypto markets may see further growth following Bitcoin’s recent surge to a 24-hour high of $30,442. In a new blog post, Santiment attributes the latest rally to news of BlackRock’s filing for a Bitcoin spot ETF, as well as other institutions entering the crypto space.

This sudden surge follows a drop in digital asset markets the previous week after the SEC sued major exchanges like Binance and Coinbase.

Santiment says that digital assets may continue to rise due to institutional interest in the form of exchange-traded funds (ETFs) and other flashing bullish signals.

“But why exactly are ETFs such a bullish, welcome sign for crypto? Two words: institutional investors. With the emergence of (theoretically) more secure and simple ways for large capital investors to have exposure to crypto without actually having to own any, this has allowed more capital to enter the markets that have been starving for more entrants.”


by

Tags:

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *