Crypto analyst Willy Woo is predicting good things for Bitcoin (BTC), just over a week after it hit a new all-time high.
Woo’s Bullish Prediction
Woo, who boasts 1.2 million followers on X (formerly Twitter), says Bitcoin’s risk is decreasing, suggesting less market uncertainty. He believes increased buyer activity could drive prices even higher. He’s stated, “We are setting up for another solid run in the long term.”
Short-Term Concerns
However, Woo cautions that the recent price jump from around $75,000 to $112,000 might be losing steam. He considers this week crucial: “If we don’t see continued upward momentum, we’ll likely see another period of consolidation.”
He’s worried about late investors taking on risky long positions while many are poised to sell for profit (as indicated by the Spent Output Profit Ratio, or SOPR). This week’s buying will heavily influence the next couple of months. “We are in a pivot zone,” he warns. The SOPR is a key metric showing whether Bitcoin being traded is generating profit or loss, giving an indication of market sentiment.
Current Price and Disclaimer
At the time of writing, Bitcoin is trading at $107,531. Remember, this information is for general knowledge only and is not financial advice. Always do your own research before investing in cryptocurrencies.
