On-Chain Analyst Willy Woo Predicts Bitcoin Approaching Critical Period Amid Declining Bearish Trends for BTC
Bitcoin analyst Willy Woo suggests that a critical moment is approaching for Bitcoin, as he believes that bearish momentum is diminishing. Woo, who has a following of 1.1 million on the social media platform X, states that key indicators indicate a potential bullish reversal for Bitcoin. He emphasizes the importance of this moment, stating that Bitcoin needs to make a decision. While technical indicators point to a bearish trend, Woo’s fundamental signals lean towards a bullish outcome. Ultimately, he believes that macro liquidity will play a significant role in determining Bitcoin’s direction. Woo points out that Bitcoin’s cumulative volume delta (CVD), which compares buying and selling volume over a specific time period, is starting to show less bearish activity. He highlights the $59,600 mark as historically significant in differentiating between bullish and bearish regimes and emphasizes the importance of Bitcoin staying above this level. Additionally, Woo notes that the decline in Bitcoin on crypto exchanges can be interpreted as a bullish sign, as it suggests that more coins are being held in cold storage rather than being sold immediately. He also mentions the Bitcoin Risk Signal, which measures the level of risk associated with a major price dip by comparing BTC’s network flows to price action. Woo states that this signal has been dropping, which is positive for Bitcoin. However, he cautions that the weekly and monthly Bitcoin charts indicate bearish momentum. Despite this, Bitcoin is currently trading at $63,001, experiencing a 4.6% decrease in the past seven days.