Bitcoin (BTC) Setting Up for Another Solid Run, According to Crypto Analyst Willy Woo – But There’s a Catch
Analyst Willy Woo is leaning bullish on Bitcoin (BTC), a little over a week considering that the crypto king recorded a new all-time high. Woo informs his 1.2 million followers on the social media platform X that Bitcoin’s risk signal is trending downwards, indicating that market risk is falling. According to the widely followed expert, there’s an increase in liquidity from buyers, a factor which could drive up the price of the crypto king. Source: Willy Woo/X
Woo, however, mentions that the strength of Bitcoin’s recent bullish run from $75,000 to $112,000 is starting to weaken. Over the short term, he states, “This week is crucial, if we don’t get follow-through, then we will be up for another consolidation period.” Woo further expresses concern about late-comer speculators taking long positions while a significant amount of potential profit-taking is prepared to occur (SOPR). The SOPR is an on-chain metric used to gauge market sentiment by showing whether the moving Bitcoin is being sold at a loss or profit. Bitcoin is currently trading at $107,531 at the time of writing.
Follow us on X, Facebook, and Telegram. Don’t Miss a Beat – Sign up to receive email alerts delivered directly to your inbox. Check Price Action
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should conduct their due diligence before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your trades and transfers are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
