Analyst’s Signal Suggests Upside Potential
On-chain analyst Willy Woo believes Bitcoin (BTC) is poised for a rally to new all-time highs. His Bitcoin Risk Signal, which compares network flows to price action, indicates that the crypto king is not yet done surging.
“Enjoy the dip while this consolidation lasts,” Woo advises. “This is not the top, it’s simply consolidation before another burst to the upside.”
FOMO Driving Bitcoin’s Bull Market
Woo attributes Bitcoin’s parabolic rallies during bull markets to the fear of missing out (FOMO). Investors tend to hold onto their BTC stacks, driving prices higher.
“In traditional finance, fear is greater than greed,” Woo explains. “In Bitcoin, FOMO is greater than fear. This FOMO drives the market, and education takes over later to prevent a steep sell-off.”
Current Market Conditions
At the time of writing, Bitcoin is trading at $65,909, down over 1% in the last 24 hours. However, analysts remain optimistic about its long-term prospects.
