As a seasoned crypto investor with a keen interest in on-chain analysis and market trends, I couldn’t agree more with Willy Woo’s assessment of the current Bitcoin rally. The recent surge above $71,200 is just the beginning, and we’re only halfway through this bullish journey.
Bitcoin has been steady and surpassed the $71,200 mark recently, breaking through local resistance points. This development brings joy to investors. According to Willy Woo, a prominent on-chain analyst, this current surge is merely the start of something bigger.
Bitcoin Rally Getting Started: Analyst
X, Woo, an optimistic advocate for Bitcoin, confidently claims that the ongoing Bitcoin price surge is merely halfway through its anticipated bullish trend.
An on-chain analyst has observed that the Bitcoin VWAP oscillator has bounced back from oversold territory and currently sits at the zero mark, which represents the midpoint. Woo expresses optimism for further price increases but does not provide a timeline or specific target for the peak.
As a researcher studying the Bitcoin market, I’ve come across an interesting perspective from analyst Woo. He posits that after reaching new all-time highs, a period of consolidation is essential. During this phase, potential investors may have the opportunity to gather more coins before another surge, or “second leg,” propels the Bitcoin price even higher.
As a researcher examining the Bitcoin daily price chart, I anticipate that this “second leg” will serve as a significant breakout point, propelling the coin beyond its previous March highs.
As a crypto investor, I’m excited to share that Bitcoin is currently displaying a bullish formation based on the latest market data. The recent surge above $68,000 and last week’s peak price were pivotal in establishing this trend. Furthermore, the May 20 breakout candle was broad and featured high trading volume, which increases the likelihood of the uptrend persisting. If bullish momentum continues and we see confirmation of the gains from May 20, Bitcoin is poised to challenge the $73,800 resistance level, as per Woo’s forecast.
BTC Bull Run To Last 300 Days If There Is No Black Swan Event
As a crypto investor, I’ve been closely monitoring the Bitcoin market, and I’m not alone in my observation that the uptrend is in full swing. In fact, another analyst has shared a chart suggesting that we’re likely to see at least another 300 days of this bull run, provided there are no unexpected disruptions such as a major exchange collapsing.
As a researcher studying stock market trends, I’ve noticed that short-term holder (STH) profit and loss analysis with a 90-day moving average can provide valuable insights into market behavior. At present, the STH is trending downward but remains comparatively elevated. This discrepancy piques my curiosity, as it may indicate shifting sentiments among short-term traders or emerging trends in speculative activity. By closely monitoring this metric, I aim to gain a better understanding of the current market landscape and anticipate potential price movements.
With sentiment becoming more positive and prices on the mend, the rate at which a coin gains value will hinge on various external influences. The decisions made by the US Federal Reserve regarding monetary policy will be significant in this regard. Furthermore, the influx of funds into Bitcoin exchange-traded funds (ETFs) is expected to play a vital role. After a period of decreased activity, demand has resurged, providing momentum for the bullish trend.
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2024-05-21 23:10