Willy Woo Bullish on Bitcoin: Market Signals and Future Predictions

Renowned analyst Willy Woo is expressing optimism regarding Bitcoin (BTC) just over a week after the cryptocurrency achieved a new all-time high. In a recent update shared with his 1.2 million followers on the social media platform X, Woo noted a downward trend in Bitcoin’s risk signal, indicating a reduction in market risk.

Woo’s observations highlight a notable increase in liquidity from buyers, suggesting a potential upward momentum for Bitcoin’s price. “We are setting up for another solid run on the long time frame,” he emphasized, underscoring his bullish outlook.

However, Woo also pointed out that the momentum behind Bitcoin’s recent bullish trajectory—from the price of $75,000 around April 6th to a peak of $112,000 on May 22nd—is starting to show signs of fatigue. He emphasized the importance of the upcoming week, stating, “This week is absolutely critical; if we do not get follow-through, then we will be up for another consolidation period.”

In the short term, Woo expressed concern over latecomer speculators entering long positions at a time when a significant amount of profit-taking is likely to occur, which could impact price stability. “This week’s spot buying will strongly influence the next 1-2 months of price action. We are in a pivot zone,” he remarked.

The Spent Output Profit Ratio (SOPR), an important on-chain metric that helps gauge market sentiment by revealing whether Bitcoin being sold is doing so at a profit or loss, plays a crucial role in this analysis.

As of now, Bitcoin is trading at approximately $107,531.

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