Popular crypto analyst Willy Woo suggests that Bitcoin (BTC) may have already surpassed its recent lows, indicating a potential upward trend. Woo, followed by 1.1 million users on X, a prominent social media platform, highlights current short-term technical indicators pointing towards a likely reversal in BTC’s price.

“Within the next 2 hours, we anticipate a TD9 reversal on daily candles. If this unfolds as expected, it could trigger a hidden bullish divergence, correcting the oversold conditions in the market. However, BTC’s journey ahead remains uncertain; we need to monitor how much speculative activity clears out of the system. Without a reduction in futures open interest, the market isn’t primed for an upward move,” Woo explains.

The TD9 reversal refers to the Tom DeMark Sequential Indicator, a tool used by traders to forecast potential trend changes based on the closing prices of the preceding 13 bars or candles. It triggers a TD9 signal when nine consecutive candles close higher than the close of the preceding four candles.

Additionally, Woo notes that Bitcoin faces significant liquidation around the $54,000 mark. “Achieving this would push BTC below the price level held by short-term holders, potentially shifting it into a bearish phase. This adjustment is challenging within the current macroeconomic framework,” he remarks.

As of the latest update, BTC is trading at $60,885, reflecting a slight decrease of over 1% in the past 24 hours. Despite fluctuations, Bitcoin remains the top-ranked cryptocurrency by market capitalization.

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