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๐ Short-term Bearish, Long-term Bullish: Bitcoin is expected to continue its bearish trend for a few more days until the end of the month. However, indicators for the next month are showing bullish signs.
๐ Willy Woo's Insight: Renowned crypto expert Willy Woo predicts significant upside for Bitcoin. He bases his prediction on indicators suggesting that investors are still willing to buy Bitcoin at higher prices. According to Woo, Bitcoin has "a lot of room to run" before experiencing a reversal or consolidation.
๐ฃ Wooโs VWAP Analysis: In a recent X (formerly Twitter) post, Woo shared a chart highlighting Bitcoinโs Volume-Weighted Average Price (VWAP), showing an upward trajectory. He expressed that the bulls are in control, quipping that he would hate to be a "trapped Bitcoin bear right now."
๐น Bitcoinโs VWAP Explained: VWAP measures the average price of Bitcoin over a specific period, factoring in volume at each price level to determine market sentiment. Wooโs chart suggests a bullish outlook, reinforcing his prediction.
๐ Liquidity Cycle and Risk Signal: Woo also pointed out that Bitcoin is in the early stages of its liquidity cycle, still doing "warm-up exercises." He noted that Bitcoinโs long-term risk signal is relatively low, as it consolidates below all-time highs. According to Woo, significant risk only starts to climb after the floodgates open, indicating that the best is yet to come for Bitcoin.
๐ก Healthy Reset and Profit-Taking: Woo highlighted that the recent wave of profit-taking by Bitcoin investors appears to be over. He provided an update on Bitcoinโs Spent Output Profit Ratio (SOPR), noting that Bitcoin is undergoing a "very healthy reset," against a backdrop of increasing capital flows into the network.
๐ Other Bullish Indicators:
- Inverse Head and Shoulders Pattern: Crypto analyst Crypto Jebb identified a bullish inverse head and shoulders pattern on Bitcoinโs chart, potentially sending its price to $100,000.
- MACD Signal: The Moving Average Convergence/Divergence (MACD) has turned bullish on the daily chart, indicating that the bulls are regaining control.
- Green Red Green Formation: This formation on the daily chart suggests Bitcoin is "doing very well," according to Crypto Jebb.
- Post-Halving Similarity: Crypto analyst Mikybull Crypto highlighted a striking similarity between Bitcoinโs current price action and its post-halving price action in 2020. If Bitcoin continues to mirror 2020, it may be at the point of takeoff.
๐ Conclusion: Despite short-term bearish trends, long-term indicators and expert analysis suggest a bullish future for Bitcoin. The market is poised for significant movements, so stay tuned!
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