Willy Woo – an expert on chain analysis believes The Bitcoin boom is not over. According to the Bitcoin Macro Oscillator, and with the possible participation of traditional financial institutions (FOMO), it is unlikely that BTC will rally in two legs.
Bitcoin to benefit from On-Chain Information
Woo is confident in his post about X. He believes that the future holds great promise for the most valuable crypto currency on earth. According to the on-chain progress, the coin is likely to break through the current slump.
Bitcoin has remained range-bound, with the price trading between $73,800 and $69,000. Analysts are confident about the future, but Bitcoin has not been able to break through strong resistance. selling momentum From sellers, the buy trend will be continued.
Depending on which direction the coin breaks out, it is possible that the sideways movement could be either accumulation or distribution. Any upswing over $72,400 could spur demand and push the coin to $73,800. BTC may fall even further if losses are below $69,000 or the middle BB.
Can TradFi FOMO and Short Squeeze lift BTC?
Woo believes that despite the slowdown of upward momentum there is still strong potential. “another solid leg up.” He also stated that TradFi’s investors could experience two sudden surges. “FOMO” into Bitcoin. The 2017 bull market was driven by retailers FOMOing and investing in the cryptocurrency.
There is speculation that institutions and wealthy individuals will buy more Bitcoins now that spot Bitcoin Exchange-Traded Funds (ETFs), are available in the United States. BTC’s rise to $74,000 and beyond will fuel demand for the Bitcoin exchange-traded funds.
The bullish forecast comes as other analysts predict Bitcoin will surge in the sessions to come. One analyst posted a message on X. says Short squeezes will push the coin to new highs in March. Any time a market is squeezed, the price of a coin rises, which forces sellers to buy it back, thus accelerating an uptrend.
It is this assessment that has led to a new record gap between institutional investor’s betting on the price increasing and hedge fund selling of coin.
Chart from TradingView, Featured image by DALLE
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