Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Is Bitcoin (BTC) Ready to Rise? What is Needed for Rise? Willy Woo Explained!

Is Bitcoin (BTC) Ready to Rise? What is Needed for Rise? Willy Woo Explained!

BitcoinsistemiBitcoinsistemi2024/08/22 16:30
By:Elif Azra Güven

After bottoming at $15,000 following the sudden bankruptcy of FTX in November 2022, Bitcoin recorded a tremendous rise in 2023 and 2024, surpassing its ATH of $69,000.

While BTC is in a downtrend after the new ATH in March, investors are expecting a serious bullish move.

At this point, experienced analyst Willy Woo said that BTC's price action should become very boring indeed before a major rally.

On-chain analyst Willy Woo analyzed the current situation in Bitcoin, claiming that leveraged trading in the market should be liquidated more as a potential catalyst for Bitcoin’s next rally.

The market remained in a downtrend until early August due to widespread speculation regarding a significant inflow and sale of 100,000 BTC from the German government, the US Department of Justice (DOJ), and the bankrupt Mt. Gox exchange.

At this point, Woo pointed out that Bitcoin investors had experienced a significant amount of liquidation during the sharp decline in August, and said that he saw the decline as a “healthy correction” as these events suppressed Bitcoin's price increase.

According to Woo, leveraged positions need to be cleared more for Bitcoin price movements to become more stable.

Woo noted that Bitcoin in general has shifted from a short-term bearish trend to neutral, but the long-term outlook remains bullish.

The experienced analyst finally pointed out that the Bitcoin balance on exchanges has decreased, adding that a low BTC balance generally indicates an upward trend.

“…

There was a lot of leverage liquidation in the August drop. I think we're 66% there. Most of the speculation is gone, we still need more spot BTC to be absorbed.

For a strong rally to occur, the BTC price action needs to really get boring and the selling pressure in the Bitcoin markets needs to ease.

But the good news in the long term is that we are not in a bear market. It's just a very long consolidation.”

I've been on RnR for a while, but…

Here's the chart I like best to set the scene.

Less inventory = bullish

Until the start of Aug, we've been in a bearish stance with an influx of 100k coins (Germany, MtGox, DOJ) while speculation has been rife creating more paper BTC. pic.twitter.com/Yq7yhMpRZ8

— Willy Woo (@woonomic) August 21, 2024

*This is not investment advice.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Whale Sells $5.48M in TRUMP Token, Gains $483K

A crypto whale offloaded 630,339 TRUMP tokens for $5.48M, pocketing nearly $483K in profit at $8.70 per token.Whale Exits TRUMP Token with Nearly Half a Million in ProfitSmart Profit-Taking or Early Exit?Whale Moves as a Market Signal

Coinomedia2025/04/23 23:44
Whale Sells $5.48M in TRUMP Token, Gains $483K

Buy Low, Fly High: Arctic Pablo at $0.000099 Eyes $0.008 Surge, While Fwog And Pudgy Penguins Push Boundaries

Explore Arctic Pablo Coin's presale, Pudgy Penguins' gaming expansion, and Fwog's market trends. Discover the Top New Meme Coins to Invest in April 2025.Arctic Pablo Coin (APC): Staking and RewardsArctic Pablo Coin (APC): Presale Reaches Frostbite CityPudgy Penguins: Expanding into Mobile GamingFwog: Gaining Momentum in the Meme Coin MarketWrapping Up: Arctic Pablo Coin (APC) Stands OutFor More Information:

Coinomedia2025/04/23 23:44
Buy Low, Fly High: Arctic Pablo at $0.000099 Eyes $0.008 Surge, While Fwog And Pudgy Penguins Push Boundaries

Australian Court Overturns License Ruling Against Block Earner, Sides with Fintech in Landmark Crypto Case

In a significant legal win for Australia’s crypto and fintech industry, the Federal Court has overturned a previous ruling that required digital finance firm Block Earner to obtain a financial services license for its discontinued fixed-yield crypto product.

DeFi Planet2025/04/23 21:55
Australian Court Overturns License Ruling Against Block Earner, Sides with Fintech in Landmark Crypto Case

Symbiotic Raises $29 Million to Build Universal Staking Coordination Layer

Symbiotic, a decentralised finance (DeFi) protocol, has secured $29 million in a funding round led by Paradigm and cyber.Fund.

DeFi Planet2025/04/23 21:55
Symbiotic Raises $29 Million to Build Universal Staking Coordination Layer