Veteran Bitcoin analyst Willy Woo says that the flagship cryptocurrency is organising for a possible break of latest highs amid rising capital flows.
Posting to the social media platform X, Woo tells his 1.1 million followers that Bitcoin (BTC) fundamentals have turned bullish, and that its present construction is “not a foul setup” for a break of all-time highs.
“Capital flows into the community are ramping up.
Each whole and speculative flows have bottomed. When each align, they be part of forces to make a bullish setting anchored in fundamentals.”
Nevertheless, within the close to time period, Woo says there’s a excessive probability of extra sideways worth motion earlier than BTC positive aspects the energy for a brand new leg up, noting that his volume-weighted common worth (VWAP) indicator is comparatively excessive.
VWAP is the typical worth of an asset over a time frame, however weighted for buying and selling quantity.
“…however within the brief time period, on-chain VWAP is at +three normal deviations, that means it’ll be onerous to maneuver upwards with respectable momentum attributable to overextension.
Sideways motion or, in probably the most bullish case, a sluggish grind upwards is the order of the day.”
Says Woo in abstract,
“BTC is organising for one more break of all-time highs if the capital circulate development continues. It’s a stable long-term setup.
All dips are for purchasing underneath the current regime. Within the very brief time period, there are good probabilities of dips.”
At time of writing, Bitcoin is buying and selling at $93,768, up 11% within the final seven days.
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