Prominent on-chain analyst Willy Woo has released his own view on the market, suggesting that in the near-to-intermediate-term future, there may be a surge of bullish momentum for Bitcoin. His chart provides a unique perspective on the current state of the market by highlighting price trends and Bitcoin's inventory on exchanges.
It emphasizes cautious optimism amid ongoing market movements. Woo anticipates that Bitcoin's current bullish swing will continue in the near future, probably for an additional week. Bitcoin is displaying a bull flag on the chart, a typical technical pattern that denotes a sustained upward movement following a brief period of consolidation.
BTC/USDT Chart by TradingView
This is a promising signal for traders seeking quick profits over the coming days. Woo notes that when taking derivatives into account, exchange inventory stays flat, and there is a notable accumulation of spot Bitcoin in the medium term. This implies that although there has not been much movement in derivatives trading, there is consistent buying going on in the spot market, especially by investors and long-term holders.
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The accumulation of Bitcoin may portend an impending bull market move, particularly if the demand continues. But Woo is still being cautious. The market is not under pressure to sell off right now, but it has not completely transitioned to a bullish structure either. The demand and supply dynamics at this point are neutral to bearish.
Woo points out that a possible short squeeze might swiftly alter the situation and cause liquidations, which would raise the price of Bitcoin. Should that occur, there is a chance that the market will firmly enter a bullish phase. As usual, Woo's analysis provides traders and investors with insightful information.
