Willy Woo just dropped a new bullish prediction about the price of Bitcoin. Check out the latest reports about the king coin and the potential trajectory that the digital asset might have in the near future.
As the online publication the Daily Hodl notes, Willy Woo says that Bitcoin should be finished with its correction, and then the king coin could start another upward price move.
Bitcoin bullish prediction
In an interview with Peter McCormack, Woo said that Bitcoin’s on-chain fundamentals are looking healthy.
According to him, BTC has been trading in an accumulation range. He also made sure to highlight the fact that the king coin does not seem ready to ignite a massive move up just yet.
“There’s nothing out of the norm happening here. It’s just very constant accumulation by long-term investors. It’s looking healthy. It’s not like this thing is going to blow out of the water, and there are not enough shorts in the system to squeeze it that fast. We’ve got longs in the system that need to cool off.”
The closely followed analyst says that for the time being, BTC is consolidating.
“I just see it as consolidation… Consolidation means it comes down and tests and then moves up without crashing. As it’s consolidating, demand is increasing, the HODLers are buying, the speculative guys… they’re holding strong for the swing trade while the HODLers are buying so there’s not a lot of selling.”
The analyst also brought up the derivatives and said that the derivatives guys that are just in it for the short futures contract “to give up on their long position and then get out of that trade.”
Woo believes that based on derivatives data, Bitcoin may be ready to resume its bull market within the next few days.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $56,875.