Renowned Bitcoin expert Willy Woo predicts that the primary cryptocurrency is gearing up for a potential surge to new record highs as capital inflows continue to increase.
Sharing his insights with his 1.1 million followers on the social media platform X, Woo emphasizes that Bitcoin (BTC) fundamentals are turning bullish, and the current market structure presents a promising setup for surpassing all-time highs.
“Capital inflows into the network are on the rise.
Both total and speculative inflows have reached a bottom, signaling a bullish environment supported by strong fundamentals.”
Despite the positive outlook, Woo cautions that there might be more sideways price movement in the short term before Bitcoin gains the necessary momentum for a significant upward trend. He notes that his volume-weighted average price (VWAP) indicator is currently relatively high.
VWAP represents the average price of an asset over a specific period, weighted by trading volume.
“…but in the short term, the on-chain VWAP is at +three standard deviations, indicating challenges in upward movement with significant momentum due to overextension.
Sideways trading or a gradual upward climb are more likely scenarios for the near future.”
In summary, Woo asserts that Bitcoin is primed for another push towards all-time highs if the current trend of capital inflows persists, making it a solid long-term investment opportunity. He recommends buying any dips under the current market conditions, while acknowledging the possibility of short-term corrections.
As of the time of writing, Bitcoin is trading at $93,768, reflecting an 11% increase in the past week.
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