bitcoin-whales-buying-spree-btc-above-74000/” target=”_blank” rel=”nofollow”>crypto expert Willy Woo has predicted that bitcoin will still make significant moves higher. He made this claim based on an indicator that suggests cryptocurrency investors are still willing to buy flagship crypto at higher prices.
Related reading
bitcoin still has “plenty of room to run”
Woo mentioned in an x (formerly twitter) x.com/woonomic/status/1791074896468230585″ target=”_blank” rel=”nofollow”>mail that bitcoin still has plenty of room to run before the flagship cryptocurrency experiences a reversal or consolidation. To support his bullish sentiment, he shared a chart highlighting bitcoin. bitcoin-on-chain-metrics-that-every-trader-should-know/” target=”_blank” rel=”nofollow”>VWAP (Volume Weighted Average Price). The crypto analyst further suggested that the bulls were firmly in control, stating that he would hate to be a “bitcoin bear trapped right now.”
The VWAP measures the bitcoin-price-suffers-sharp-decline/” target=”_blank” rel=”nofollow”>average bitcoin price during a specific period and takes into account the volume at each price level to determine the current sentiment in the market. The chart Woo shared showed that bitcoin's VWAP was currently on an upward trajectory. In a later x.com/woonomic/status/1791402788070810020″ target=”_blank” rel=”nofollow”>x publicationWoo highlighted the bitcoin risk signal to further reinforce his bullish sentiment.
He noted that bitcoin is still in the early stages of its liquidity cycle and is still doing “warm-up exercises.” He added that bitcoin's long-term framework risk signal is relatively low as it is still consolidating below all-time highs. He stated that this risk “only starts to increase after the floodgates open,” meaning it is best to still to come for bitcoin.
Meanwhile, the wave of profit taking by bitcoin investors (since the cryptocurrency reached a bitcoin-breaks-through-69000-setting-new-record/” target=”_blank” rel=”nofollow”>new all-time high in March) appears to be finished, indicating that bitcoin may be ready for its next leg up.
Court x.com/woonomic/status/1791634674282045801″ target=”_blank” rel=”nofollow”>confirmed That profit-taking was completed when he provided an update on bitcoin's Spent Production Profit Ratio (SOPR). He noted that bitcoin is experiencing a “very healthy restart, against a backdrop of once again increasing capital flows into the network.”
Other bullish indicators for bitcoin
crypto Analyst crypto Jebb bitcoin/” target=”_blank” rel=”nofollow”>recently highlighted an inverse head and shoulders pattern that had formed on the bitcoin chart. The analyst stated that this bullish pattern could send bitcoin price at $100,000. The analyst also pointed out several other indicators that currently point to a bullish outlook for bitcoin.
one is the bitcoin-price-suffers-sharp-decline/” target=”_blank” rel=”nofollow”>Moving Average Convergence/Divergence (MACD), which he said had become very bullish on the daily chart and indicated that the bulls were regaining control. He also highlighted a 'green, red, green' formation on the daily chart, which crypto Jebb said shows bitcoin is “doing very well.”
Related reading
Meanwhile, bitcoin-threatens-to-drop-below-27k/” target=”_blank” rel=”nofollow”>crypto analyst Mikybull crypto x.com/MikybullCrypto/status/1791475114308985251″ target=”_blank” rel=”nofollow”>highlighted a striking similarity between bitcoin's price action after the halving in 2020 and its price action after this halving. Based on the chart he shared, bitcoin appears to be on the takeoff point if it continues to mirror the price action of 2020.
Featured image from Pexels, chart from TradingView
