Sharing his views on X (previously Twitter), Woo defined that Bitcoin’s fundamentals are constructing a stable bullish case. He pointed to an increase in whole and speculative capital coming into the community, suggesting that investor confidence is rising.
Woo additionally famous that Bitcoin’s liquidity is bettering. His Danger Mannequin, which measures liquidity developments, exhibits a gradual downtrend. This implies future value drops could possibly be smaller and fewer damaging, decreasing possibilities of sharp sell-offs.
In accordance with Woo, Bitcoin has already reclaimed medium-term targets at $90,000 and $93,000. A brand new goal of $103,000 has additionally fashioned, and Woo believes Bitcoin might push towards $108,000 quickly.
Nonetheless, Woo warned that short-term dangers stay. Bitcoin’s value is at the moment far above its on-chain Quantity Weighted Common Worth (VWAP), sitting at +3 commonplace deviations. This normally alerts that an asset is overextended, which means quick rallies are much less seemingly within the close to time period.
As a substitute, Woo expects Bitcoin to maneuver sideways or rise regularly.
In the meantime, there are three main alerts boosting Bitcoin’s restoration hopes. These embody Bitcoin’s renewed inverse relationship with the falling US Dollar Index (DXY), a decoupling from the NASDAQ, and robust accumulation by long-term traders.
Bitcoin’s worth has risen 7.7% over the previous week. On the time of writing, it trades at $94,125, marking a slight day by day dip of 0.07%.