Crypto expert Willy Wu Expect Bitcoin to continue to move significantly to the upside. He made this claim based on an indicator that crypto investors are still willing to buy Pioneering encryption At higher prices.
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Bitcoin still has 'plenty of room to run'
Wu was mentioned in an X (formerly Twitter) mail That Bitcoin still has plenty of room to run before the major cryptocurrency experiences a reversal or consolidation. To support his bullish sentiment, he shared a chart highlighting Bitcoin VWAP (Volume Weighted Average Price). The cryptocurrency analyst also noted that the bulls were firmly in control, noting that he would hate to be “trapped in Bitcoin right now.”
Measures VWAP Average price of Bitcoin During a specific period and volume factors at each price level to determine the current trend in the market. The chart shared by Woo showed that Bitcoin's VWAP was currently on an upward trajectory. Later Share XWu highlighted Bitcoin's risk signal to further bolster his bullish sentiment.
He noted that Bitcoin is still in the early stages of its liquidity cycle and is still doing “warm-up exercises.” He added that Bitcoin's long-term framework risk signal is relatively low as it is still consolidating below its all-time highs. He claimed that this danger “doesn't start to escalate until the flood gates are opened,” which means it's for the best Still to come for Bitcoin.
Meanwhile, wave Take profits By Bitcoin investors (since the cryptocurrency reached a level New all-time high in March) appears to have been done, suggesting that Bitcoin may be ready for the next step.
Woo Certain Profit taking has been completed as he provided an update on Bitcoin's Spent Output Profit Ratio (SOPR). He noted that Bitcoin is going through “a very healthy reset, against the backdrop of rising capital flows into the network again.”
Other bullish indicators for Bitcoin
Crypto Jebb cryptocurrency analyst Recently highlighted The inverse head and shoulders pattern formed on the Bitcoin chart. The analyst claimed that this could send a bullish pattern Bitcoin price reaches $100,000. The analyst also pointed to several other indicators that currently point to a bullish outlook for Bitcoin.
One is Moving Average Convergence/Divergence (MACD), which he claimed had turned into a very bullish trend on the daily chart and indicated that the bulls were regaining control. He also highlighted a “green red green” formation on the daily chart, which, according to Crypto Jebb, shows that Bitcoin is “in very good shape.”
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while, Mikybull Crypto Analyst Highlight A striking similarity between Bitcoin's price movement after the 2020 halving and the price movement after this halving. From the chart he shared, it appears that Bitcoin is at a take-off point if it continues to reflect the price action from 2020.
Featured image from Pexels, chart from TradingView