Analyst: Bitcoin's five major macro signals bullish factors outweigh bearish factors
On July 23, cryptocurrency analyst Willy Woo shared the five macro signals for Bitcoin that he is closely following, with three bullish signals and two bearish signals.
Bullish signals:
The miner capitulation period has ended, which is one of the most reliable indicators of a bull market;
Hash rate is recovering, with price and hash rate bottoming out in sync with the upgrade of new generation hardware;
Global liquidity is starting to expand, which is favorable for traditional finance to purchase risk assets such as Bitcoin.
Bearish signals:
The amount of coins on spot exchanges is increasing, including 50,000 BTC transferred from Mt. Gox to Kraken;
The Ethereum spot ETF is about to be launched, which may cause some funds to shift from Bitcoin ETF;
Woo believes that overall, the bullish factors outweigh the bearish factors. He pointed out that in the short term, Bitcoin only needs to break through $73,000 to trigger a short squeeze, pushing the price to $77,000, and then enter the price discovery phase.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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