Analyst Willy Woo believes Bitcoin (BTC) is poised for a new uptrend after a period of consolidation.
Profit-Taking Phase Over
Woo analyzed the Spent Output Profit Ratio (SOPR), which measures whether coins are being sold at a profit or loss. He found that BTC holders have completed profit-taking near record highs, indicating that sell pressure is easing.
Capital Inflows Rising
Woo also observed that capital inflows into BTC are increasing, suggesting that investors are becoming more bullish.
Bull Market Setup
Woo believes Bitcoin is following a similar pattern to the bull markets of 2017 and 2020, where it consolidated near record highs before a significant rally. He expects the current consolidation to continue, with risk only increasing once the “floodgates open.”
Current Price
At the time of writing, Bitcoin is trading at $67,097.
