Willy Woo, network analyst, believe The bitcoin boom is far from over. Citing the development of the bitcoin Macro Oscillator and the possibility of traditional finance jumping on the bandwagon (FOMO), the chances of btc rallying in at least two strong legs in the coming session cannot be ruled out.
On-Chain Data Indicates More Advantages for bitcoin
In a post on X, Woo remains confident in what lies ahead for the world's most valuable cryptocurrency. Based on on-chain development, there are indicators that the coin may rise steadily, surpassing the current pause.
bitcoin remains mostly range-bound at the time of writing, trading within a tight zone capped by $73,800 at the upper end and $69,000 as immediate support. Even as analysts are confident about what lies ahead, the coin has failed to overcome strong selling momentum from sellers to surpass all-time highs in a continuation of the buying trend.
Depending on the currency setup, the current sideways movement can be accumulation or distribution, depending on the breakout direction. For example, any rise above $72,400 could stimulate demand, lifting the coin towards $73,800. Conversely, losses below $69,000 and the mid-BB could see btc fall to the March 5 lows or even lower.
Will TradFi FOMO and Short Squeeze Raise btc?
Even with bullish momentum slowing, Woo says there is great potential for “another solid advance.” The analyst also added that there could be two surges if TradFi investors “FOMO” on bitcoin. In the 2017 bull run, the rally to $20,000 was mainly due to retailers jumping into the market and applying FOMO to the coin.
With spot bitcoin exchange-traded funds (ETFs) available in the United States, it is speculated that more institutions and high-net-worth individuals are purchasing the currency. If btc rises further, surpassing $74,000, more inflows into multiple bitcoin spot ETFs are likely, driving demand.
This bullish outlook comes as other analysts expect bitcoin to rise in the coming sessions. In a post on X, an analyst says The incoming short squeeze will likely push the currency above March highs. Every time a small contraction occurs, prices rise, forcing sellers to buy back at higher prices, accelerating the uptrend.
The assessment is behind a record gap between institutional investors betting on price increases and hedge funds selling the currency.
Featured image of DALLE, TradingView chart
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
