Bitcoin Setting Up for Break of All-Time Highs As Capital Flows Into BTC Ramp Up, Says Analyst Willy Woo
Veteran Bitcoin analyst Willy Woo said the cryptocurrency flagship is setting up for a potential rest of new highs in the middle of growing capital flow.
Posting the social media X platform, Woo told his 1.1 million followers that the basis of Bitcoin (BTC) became bullish, and that its current structure was “not a bad setup” for a break of all the time.
“The capital that flows through the network is ramping up.
Both the total and speculation -that flow has dropped. When they are both aligned, they join forces to create a bullish environment that is anchored to the foundations. “
However, in the near term, Woo said there was a high chance of more action on the sideways price before BTC gained strength for a new leg, noting that his otal weighted average price (VWAP) was relatively high.
VWAP is the average price of a owner over a period of time, but weight for trading volume.
“… But in the short term, the on-chain VWAP is in +three common deviations, which means it's hard to move upward to decent momentum due to excessive excess.
The sideways actions or, in the most bullish case, a slow grinding upward is the sunset. “
Woo says in summary,
“BTC is setting up for another rest of all times high if the capital flow continues. This is a solid long-term setup.
All dips are for purchase under the current regime. In the very short time, there are good opportunities to sink. “
At the time of writing, Bitcoin traded at $ 93,768, up to 11% in the last seven days.
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