Veteran Bitcoin Analyst Predicts Potential Break of All-Time Highs Amid Growing Capital Flows
Key Points:
- Bitcoin analyst Willy Woo sees bullish fundamentals and potential for new highs
- Capital flows into the network are increasing, setting up a positive environment
- Short-term sideways price action expected before a new leg up
- All dips are seen as buying opportunities in the current regime
Bitcoin’s Bullish Setup
Veteran Bitcoin analyst Willy Woo recently shared his insights on the flagship cryptocurrency’s potential for breaking all-time highs. With Bitcoin fundamentals turning bullish, Woo believes that the current structure is favorable for a significant price increase.
According to Woo, capital flows into the Bitcoin network are on the rise. Both total and speculative flows have bottomed out, creating a bullish environment supported by strong fundamentals. This alignment of capital flows indicates a potential for new highs in the near future.
Short-Term Outlook
Despite the positive long-term outlook, Woo cautions that there may be more sideways price action in the short term. He points to the volume-weighted average price (VWAP) indicator, which is currently relatively high. This high VWAP, at +three standard deviations, suggests that upward momentum may be limited due to overextension.
In the short term, Woo anticipates sideways price movement or a slow grind upwards as the most likely scenarios. However, he remains optimistic about Bitcoin’s long-term prospects for breaking all-time highs if the current trend of capital flows continues.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading at $93,768, reflecting an 11% increase in the last seven days. Woo advises that all dips in price should be viewed as buying opportunities under the present market conditions.
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