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In the world of cryptocurrency, predictions for Bitcoin continue to emerge. Especially as BTC surpasses $67,000, these predictions are crucial for investors to determine direction. Crypto expert Willy Woo states that Bitcoin will still make significant upward movements. He supports this claim by citing that investors continue to show interest in the leading crypto asset at higher prices.
Bitcoin Still Has “A Lot of Room to Grow”
In a message shared on the X platform, Woo expressed that as the leading cryptocurrency, Bitcoin still holds many potentials waiting to be explored before experiencing a significant correction or consolidation.
Highlighting Bitcoin’s VWAP (Volume Weighted Average Price) indicator with a graph, he provided data to support the current sentiment among investors. He also noted that bulls are strongly in control and that bears are currently having a tough time in the market, stating that being a “cornered Bitcoin bear” is undesirable at the moment.
VWAP calculates Bitcoin’s average price over a specific period, considering volume to assess the current market sentiment. The graph shared by Woo showed that Bitcoin’s VWAP is currently trending upwards. In another X post, he further strengthened the bullish trend by highlighting Bitcoin’s risk signal.
BTC Is Warming Up
According to Woo, Bitcoin’s liquidity cycle is still in its early stages and is still “warming up.” The long-term risk signal remains relatively low as it is still consolidating below all-time highs. Woo indicates that the best for Bitcoin is yet to come.
Meanwhile, the wave of profit-taking by Bitcoin investors seems to have ended since reaching an all-time high in March. This suggests that Bitcoin might be ready for its next surge.
While providing an update on Bitcoin’s Spent Output Profit Ratio (SOPR), Woo confirmed that profit-taking has been completed. He stated that Bitcoin experienced a “very healthy reset in an environment where capital inflow into the network has resumed climbing.”
Other Bullish Indicators for Bitcoin
Regarding other bullish indicators for Bitcoin, crypto analysts share significant findings. For instance, recently, Crypto Jebb highlighted an inverse head and shoulders pattern emerging in Bitcoin’s chart, suggesting this pattern could push Bitcoin’s price to $100,000. He also pointed out other indicators supporting a strong bullish outlook for Bitcoin.
One of these is the MACD indicator, which shows a clear upward trend on the daily chart, indicating that bulls have regained control. Additionally, he noted a “green red green” formation on the daily chart, showing that Bitcoin is “doing very well.”
On the other hand, a crypto analyst named Mikybull Crypto emphasized a striking similarity between Bitcoin’s price movement after the 2020 halving and its current movement. The shared graph suggests that if Bitcoin continues to mirror its 2020 price movement, a new take-off point is approaching.
