3 - 5 minute read
Bitcoin is on the brink of a significant move, according to popular crypto analyst Willy Woo. He believes that certain metrics are pointing towards Bitcoin’s re-accumulation phase, and that a breakthrough could be imminent.
The cost-basis analysis of long-term and short-term holders of BTC indicates that the asset has already carved its bear market bottom in the last few months. The lower cost basis of STHs indicates that Bitcoin is likely to enter into a new phase. Woo shares a chart displaying the cost basis of LTHs and STHs, which provide a clear insight into the current situation. According to Woo, the sellers are nowhere to be found until $40,000, and the order book liquidity is thinning out. He also anticipates that BTC’s price stability forming a peak is a prelude to a big move that is likely to occur within a week.
Willy Woo said, “Bottoms are signaled when short-term holders (recent buyers) got in cheaper than long-term holders. We are moving out of this regime.” Indicating a significant move in the price of BTC is likely to occur soon. Furthermore, he said, “April will be an exciting month for BTC as sellers are nowhere to be seen until $40,000. Orderbook liquidity is thinning out, and a big liquidity gap from here to $40,000. Volatility ramping up is a near certainty.” His predictions are based on the analysis of various metrics and indicators portraying an optimistic outlook for BTC.
The bullish projections of Willy Woo should be taken with a grain of salt as with all predictions related to crypto assets. However, traders must remain vigilant and observe the market conditions carefully. The recent upswing of Bitcoin could indicate an upward trend, but it is essential to monitor the progress closely. If Bitcoin breaks through the resistance level at $40,000, it may lead to a substantial increase in price. Furthermore, traders should keep an eye on the order book liquidity as it plays a crucial role in price movements.
BTC is Entering a New Phase
Bitcoin’s recent upswing indicates that the asset may be gearing up for a significant move. According to Willy Woo, certain metrics are pointing towards BTC’s re-accumulation phase, which could lead to a potential breakthrough. Traders must remain vigilant and observe market conditions carefully as the order book liquidity plays a crucial role in price movements. If Bitcoin breaks through the resistance level at $40,000, it may signal a notable increase in price. Hence, traders should always closely monitor the market and adapt their strategies accordingly.