In the realm of cryptocurrency, there is a continuous stream of predictions surrounding Bitcoin. With its recent surge past $67,000, these predictions are crucial for investors seeking to navigate the market. Willy Woo, a renowned crypto expert, asserts that Bitcoin still has significant room for upward movement. He supports this claim by highlighting the continued interest from investors, even at higher prices.
Bitcoin Still Has “A Lot of Room to Grow”
In a message shared on the X platform, Woo expresses his belief that Bitcoin, as the leading cryptocurrency, still holds untapped potential before experiencing a significant correction or consolidation. To substantiate this sentiment, he presents data on Bitcoin’s VWAP (Volume Weighted Average Price) indicator, accompanied by a graph. Woo notes that the market is currently dominated by bulls, making it an unfavorable time to be a “cornered Bitcoin bear.”
VWAP is a metric that calculates Bitcoin’s average price over a specific period, taking volume into account to gauge market sentiment. The graph shared by Woo demonstrates that Bitcoin’s VWAP is currently on an upward trend. Additionally, in another X post, he strengthens the bullish outlook by highlighting Bitcoin’s risk signal.
BTC Is Warming Up
Woo explains that Bitcoin’s liquidity cycle is still in its early stages and is gradually “warming up.” The long-term risk signal remains relatively low as Bitcoin continues to consolidate below its all-time highs. Woo suggests that the best is yet to come for Bitcoin.
Furthermore, the wave of profit-taking among Bitcoin investors appears to have subsided since reaching an all-time high in March. This indicates that Bitcoin may be preparing for its next surge.
Other Bullish Indicators for Bitcoin
Crypto analysts have also identified other positive indicators for Bitcoin. For example, Crypto Jebb recently highlighted an inverse head and shoulders pattern emerging in Bitcoin’s chart, suggesting that this pattern could propel Bitcoin’s price to $100,000. Jebb also points out other indicators that support a strong bullish outlook for Bitcoin.
One of these indicators is the MACD indicator, which shows a clear upward trend on the daily chart, indicating that bulls have regained control. Additionally, Jebb notes a “green red green” formation on the daily chart, indicating that Bitcoin is performing exceptionally well.
On the other hand, a crypto analyst named Mikybull Crypto draws attention to a striking similarity between Bitcoin’s price movement after the 2020 halving and its current movement. The shared graph implies that if Bitcoin continues to mirror its 2020 price trajectory, a new take-off point is on the horizon.
Disclaimer: The information provided in this article should not be considered investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.
