Top Analyst Willy Woo Reveals Next Bitcoin (BTC) Move

Prominent on-chain analyst Willy Woo has shared his insights on the cryptocurrency market, indicating that there could be a rise in bullish momentum for Bitcoin in the near-to-intermediate term. His recent analysis features a chart that sheds light on current price trends and Bitcoin’s inventory levels on exchanges.

Woo promotes cautious optimism in light of ongoing market developments. He predicts that Bitcoin’s current upward momentum is likely to persist in the immediate future, potentially extending for another week. The presence of a bull flag on the chart suggests a sustained upward movement after a period of consolidation, indicating favorable conditions for traders aiming for quick profits in the coming days.

When factoring in derivatives, Woo observes that the exchange inventory remains relatively flat while there is notable accumulation of spot Bitcoin in the medium term. This suggests that, despite limited activity in derivatives trading, consistent buying is taking place in the spot market, particularly among long-term holders and investors.

This accumulation could signify an upcoming bullish trend, particularly if demand continues to grow. However, Woo remains cautious, noting that the market is not currently under any selling pressure, nor has it fully transitioned into a bullish structure. At this juncture, the dynamics of supply and demand appear to be neutral to bearish.

Woo also highlights the potential for a short squeeze, which could rapidly change the market situation, leading to liquidations that may increase Bitcoin’s price. If this were to happen, there is a possibility that the market could firmly enter a bullish phase. As always, Woo’s analysis offers valuable insights for traders and investors navigating the market.