Sharing his views on X (previously Twitter), Woo defined that Bitcoin’s fundamentals are constructing a strong bullish case. He pointed to an increase in complete and speculative capital getting into the community, suggesting that investor confidence is rising.
Woo additionally famous that Bitcoin’s liquidity is enhancing. His Danger Mannequin, which measures liquidity tendencies, exhibits a gentle downtrend. This implies future value drops may very well be smaller and fewer damaging, lowering possibilities of sharp sell-offs.
In accordance with Woo, Bitcoin has already reclaimed medium-term targets at $90,000 and $93,000. A brand new goal of $103,000 has additionally fashioned, and Woo believes Bitcoin may push towards $108,000 quickly.
Nonetheless, Woo warned that short-term dangers stay. Bitcoin’s value is presently far above its on-chain Quantity Weighted Common Value (VWAP), sitting at +3 commonplace deviations. This normally alerts that an asset is overextended, which means quick rallies are much less probably within the close to time period.
As an alternative, Woo expects Bitcoin to maneuver sideways or rise regularly.
In the meantime, there are three main alerts boosting Bitcoin’s restoration hopes. These embody Bitcoin’s renewed inverse relationship with the falling US Dollar Index (DXY), a decoupling from the NASDAQ, and robust accumulation by long-term buyers.
Bitcoin’s worth has risen 7.7% over the previous week. On the time of writing, it trades at $94,125, marking a slight each day dip of 0.07%.
