Crypto Expert Willy Woo Predicts Bitcoin Has Room To Run – Here Are The Drivers
May 18 2024 - 4:57AM
NEWSBTC
Crypto expert Willy Woo has predicted that Bitcoin will still make
significant moves to the upside. He made this claim based on an
indicator that suggests crypto investors are still willing to buy
the flagship crypto at higher prices. Related Reading:
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Still Has “A Lot Of Room To Run” Woo mentioned in an X (formerly
Twitter) post that Bitcoin still has a lot of room to run before
the flagship crypto experiences a reversal or consolidation. To
support his bullish sentiment, he shared a chart highlighting
Bitcoin VWAP (Volume-Weighted Average Price). The crypto analyst
further suggested that bulls were firmly in control, stating that
he would hate to be a “trapped Bitcoin bear right now.” The VWAP
measures the average price of Bitcoin over a specific period and
factors in the volume at each price level to determine the current
sentiment in the market. The chart Woo shared showed that Bitcoin’s
VWAP was currently on an upward trajectory. In a subsequent X post,
Woo highlighted Bitcoin’s risk signal to further reinforce his
bullish sentiment. He noted that Bitcoin is still in the
early stages in its liquidity cycle and is still doing “warm-up
exercises.” He added that Bitcoin’s long-term frame risk signal is
relatively low as it is still consolidating under all-time highs.
He claimed that this risk “only starts climbing after the
floodgates open,” meaning that the best is yet to come for
Bitcoin. Meanwhile, the wave of profit-taking by Bitcoin
investors (since the crypto hit a new all-time high in March) looks
to be done, which indicates that Bitcoin may be ready for its next
leg up. Woo confirmed that profit-taking has been completed as he
provided an update on Bitcoin’s Spent Output Profit Ratio (SOPR).
He noted that Bitcoin is undergoing a “very healthy reset, against
a backdrop of capital flows into the network climbing again.” Other
Bullish Indicators For Bitcoin Crypto analyst Crypto Jebb recently
highlighted an inverse heads and shoulders pattern that had formed
on Bitcoin’s chart. The analyst claimed this bullish pattern could
send Bitcoin’s price to $100,000. The analyst also noted several
other indicators currently signaling a bullish outlook for Bitcoin.
One is the Moving Average Convergence/Divergence (MACD), which he
claimed had turned very bullish on the daily chart and indicated
that the bulls were regaining control. He also highlighted a ‘green
red green’ formation on the daily chart, which, according to Crypto
Jebb, shows that Bitcoin is “doing very well.” Related Reading:
Crypto Alert: VeChain Bull Run Imminent, Expert Predicts 500% Rally
Meanwhile, crypto analyst Mikybull Crypto highlighted a striking
similarity between Bitcoin’s 2020 post-halving price action and its
price action after this halving. From the chart he shared, Bitcoin
looks to be at the point of takeoff if it continues to mirror the
price action from 2020. Featured image from Pexels, chart
from TradingView
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