Analyst: Bitcoin Warming Up for Major Rally
Despite recent gains, analyst Willy Woo believes the real Bitcoin bull market is yet to come. He describes the current surge as a mere “warm-up” for a much larger rally.
Traditional Markets in for a Surprise
Woo warns that the Bitcoin Macro Index shows that the recent price increases are not fully supported by fundamentals. If the index breaks a crucial level, he predicts a shock for traditional markets.
Bitcoin Macro Index: A Holistic View
The Bitcoin Macro Index considers both on-chain and macroeconomic factors to provide a comprehensive picture of the market. It includes data on hash rate, transactions, inflation, labor market conditions, and interest rates.
Eyes on the Fed
The Federal Reserve’s decision on interest rates is closely watched by the Bitcoin community. A dovish stance, where interest rates are lowered, could boost the crypto and stock markets.
ETFs Drive Record Inflows
The approval of multiple Bitcoin exchange-traded funds (ETFs) has led to record-breaking inflows into the industry. BlackRock’s IBIT ETF has already received over $10 billion and could continue to rise as Bitcoin prices climb.
