Bitcoin Setting Up for Break of All-Time Highs As Capital Flows Into BTC Ramp Up, Says Analyst Willy Woo
Veteran Bitcoin analyst Willy Woo says that the flagship cryptocurrency is setting up for a potential break of new highs amid growing capital flows.
Posting to the social media platform X, Woo tells his 1.1 million followers that Bitcoin ( BTC ) fundamentals have turned bullish, and that its current structure is “not a bad setup” for a break of all-time highs.
“Capital flows into the network are ramping up.
Both total and speculative flows have bottomed. When both align, they join forces to make a bullish environment anchored in fundamentals.”
Source: Willy Woo/X
However, in the near term, Woo says there’s a high chance of more sideways price action before BTC gains the strength for a new leg up, noting that his volume-weighted average price (VWAP) indicator is relatively high.
VWAP is the average price of an asset over a period of time, but weighted for trading volume.
“…but in the short term, on-chain VWAP is at +three standard deviations, meaning it’ll be hard to move upwards with decent momentum due to overextension.
Sideways action or, in the most bullish case, a slow grind upwards is the order of the day.”
Source: Willy Woo/X
Says Woo in summary,
“BTC is setting up for another break of all-time highs if the capital flow trend continues. It’s a solid long-term setup.
All dips are for buying under the present regime. In the very short term, there are good chances of dips.”
At time of writing, Bitcoin is trading at $93,768, up 11% in the last seven days.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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