Bitcoin Prepares to Break Historical Highs»: Willy Woo
The analyst and professional trader studies various parameters to make projections about the price of bitcoin.
While bitcoin (BTC) remains around 95,000 dollars (USD), bullish expectations in the market are growing. However, this does not mean that it cannot experience a drop before continuing to rise.
Analyst Willy Woo argues that “BTC is preparing for another break of historical highs if the capital flow trend continues.” According to his assessment, this projection is a solid long-term outlook.
Although, in the very short term, he sees good probabilities of price retracements, as a natural part of a bullish process. Therefore, under the current market regime, he considers that “all drops are for buying.”
For the analyst, the fundamentals of bitcoin have turned bullish, setting up a favorable environment to surpass previous high levels. He details that capital flows into the network are increasing.
As shown in the following chart, both spot and speculative capital flows in the futures market are rising correlated after hitting bottom. In his view, when both align, “they join forces to create a bullish environment anchored in the fundamentals.”
An example of the increase in flows is the performance that bitcoin exchange-traded funds (ETFs) have had in the United States. With an inflow of USD 3 billion last week, they recorded their highest entry in five months and the second highest in their entire history, showcasing the reactivation of bullish sentiment.