Bitcoin Predictions: Experts Believe BTC Still Has Room to Grow
As Bitcoin continues to soar past $67,000, predictions for the cryptocurrency’s future are flooding in, offering crucial insights for investors seeking direction. Renowned crypto expert Willy Woo is among those who believe that Bitcoin will see significant upward movements. He backs up his claims by pointing out that investors are still showing interest in the leading crypto asset, even at higher prices.
Woo recently shared a message on the X platform, expressing his belief that Bitcoin, as the foremost cryptocurrency, still has untapped potential before it experiences any major correction or consolidation. He presented data, including a graph of Bitcoin’s Volume Weighted Average Price (VWAP) indicator, to support the current sentiment among investors. Woo also highlighted the dominance of bulls in the market, stating that bears are currently struggling and that being a “cornered Bitcoin bear” is unfavorable at this time.
The VWAP indicator calculates Bitcoin’s average price over a specific period, taking into account trading volume to gauge market sentiment. The graph shared by Woo clearly shows that Bitcoin’s VWAP is currently on an upward trend. In another post on the X platform, he further emphasized the bullish trend by pointing out Bitcoin’s risk signal.
According to Woo, Bitcoin’s liquidity cycle is still in its early stages and is gradually “warming up.” The long-term risk signal remains relatively low as Bitcoin consolidates below its all-time highs. Woo suggests that the best is yet to come for Bitcoin.
Meanwhile, the wave of profit-taking by Bitcoin investors appears to have subsided since reaching an all-time high in March. This indicates that Bitcoin may be primed for its next surge.
Woo also provided an update on Bitcoin’s Spent Output Profit Ratio (SOPR), confirming that profit-taking has been completed. He stated that Bitcoin has undergone a “very healthy reset” while capital inflow into the network has resumed its climb.
In addition to Woo’s insights, other crypto analysts have also identified bullish indicators for Bitcoin. For example, Crypto Jebb recently highlighted an inverse head and shoulders pattern on Bitcoin’s chart, suggesting that this pattern could propel its price to $100,000. Jebb also pointed out other indicators that support a strong bullish outlook.
Another crypto analyst, Mikybull Crypto, drew attention to a striking similarity between Bitcoin’s price movement after the 2020 halving and its current movement. By comparing the two, the shared graph suggests that Bitcoin may be approaching a new take-off point.
While these predictions offer valuable insights, it is important to note that the information in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
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