Bitcoin Bulls "Warm Up" as $1.5 billion is poured into spot exchange-traded funds in only two weeks!
When looking at price movement in shorter time periods, Bitcoin prices are still choppy, even after the upsurge in the middle of the week. At current spot prices, the currency is challenging $66,000, but market participants believe the breakout has been validated and are predicting that Bitcoin prices will go up to $70,000.
The cryptocurrency has been steadily declining since March, when it surged to all-time highs, as seen on the daily chart.
Analyst Reports High Bitcoin Liquidity Despite Accumulation
So, in an effort to assuage market anxiety, Bitcoin on-chain expert Willy Woo is predicting that the currency will see significant price increases in the next days.
Despite the fact that prices have fallen from their all-time highs and seem to be trapped in a consolidation, the expert remains optimistic, stating that the currency is still in its "warm-up" period. Woo elaborates by saying that, because to the comparatively large liquidity, the long-term risk is minimal during the present consolidation phase.
The researcher has concluded that Bitcoin prices are expected to skyrocket based on a comparison to previous price movements. New money pours into the market when "the floodgates open," driving up prices but also increasing danger.
Are We Seeing the Beginning of the Bitcoin Uptrend?
Crypto analytics platform creator Ki Young Ju has backed Woo's stance. X was informed by Ju that Bitcoin is now experiencing a bull cycle.
As evidence for this position, the creator cited the fact that the market valuation of Bitcoin has been increasing at a quicker rate than its actual market cap. Based on their most recent trading price, the realized cap attempts to estimate the entire market worth of all coins in circulation.
Over the last two years, this pattern has continued. The bull market may finish in April 2025 if current trends continue.
