Bitcoin eyes new highs with price targets at $108,000

Bitcoin (CRYPTO:BTC) is showing strong signs of a renewed bull run, with onchain analyst Willy Woo highlighting a bullish shift in fundamentals and capital flows that could propel BTC past its previous all-time highs.

Woo noted on April 27 that both total and speculative capital inflows into the bitcoin network have bottomed and are now increasing, creating a favorable environment anchored in strong fundamentals.

He explained, “Capital flows into the network are ramping up. Both total and speculative flows have bottomed, when both align they join forces to make a bullish environment anchored in fundamentals.”

Woo’s analysis indicates that bitcoin has already surpassed medium-term price targets of $90,000 and $93,000, with a new interim target forming at $103,000 and a longer-term target of $108,000 still in play.

He added, “BTC is setting up for another break of all-time highs if the capital flow trend continues.”

While acknowledging the possibility of short-term dips, Woo emphasized that under current conditions, these pullbacks represent buying opportunities rather than warning signs.

“It’s a solid long term setup. All dips are for buying under the present regime. In the very short term, there’s good chances of dips,” he said.

Bitcoin’s price has recently recovered from lows near $75,000 to around $93,000, supported by growing investor confidence and liquidity.

At the time of reporting, the Bitcoin price was $94,199.97.