Loading… Loading…
Prominent cryptocurrency analyst Willy Woo suggests a potential Bitcoin BTC/USD could take the apex crypto to between $71,000 and $75,000 due to short liquidations.
What Happened: According to Woo, Bitcoin is currently teetering on a critical support level at $58,900. A drop below this threshold could signal the beginning of a bear market.
However, Woo remains optimistic, citing the Cumulative Volume Delta (CVD) a metric that tracks net buying and selling pressures which indicates that sell-off pressures have peaked and an upward trend may be next.
CVD sell-off has peaked, so a phase of up next, Woo tweeted, highlighting a possible recovery phase.
Also Read: What Is Pups Crypto? Bitcoins First Meme Coin On Runes Protocol Explodes
Why It Matters: Woo's analysis points to the Bitcoin halving event scheduled for next week as a significant catalyst that could influence market conditions.
Historically, halving events, which cut the reward for mining Bitcoin transactions in half, have led to increased volatility.
Woo notes, March is sideways. April may get choppy in both directions with the data at hand, preparing traders for a possibly tumultuous market in the near term.Loading… Loading…
Short-Term Forecasts And Long-Term Outlook
In the short term, Woo anticipates potential short liquidations pushing the price towards the $71,000 to $75,000 range.
More likely short liquidations to 71-75k is next, he stated, suggesting a bullish scenario despite the present bearish sentiment among traders.
Over the longer term, Woo remains bullish, expecting a consolidation phase around the all-time high (ATH), which will strengthen Bitcoins price base.
The longer BTC consolidates around ATH, the more coins that change hands between investors, cementing its price discovery, he explained.
Woo's commentary extends beyond immediate price movements, reflecting on Bitcoins stature as a trillion-dollar asset class.
Bitcoin as a trillion dollar asset class here to stay. This is a good thing, Woo affirms, reinforcing the sentiment that Bitcoin's foundational market dynamics are solidifying for long-term stability.
Whats Next: These insights set the stage for deeper discussions at the forthcoming Benzingas Future of Digital Assets conference on Nov. 19, where industry experts will converge to debate the implications of such market dynamics and the role of significant events like the Bitcoin halving.
Participants will explore strategies for navigating the choppy waters of cryptocurrency investments post-halving and the potential for new ATHs in a maturing market.
Read Next: Bitcoin ETF Fees: Grayscale Hints At Future Cuts, But Theres A Catch
Image created using artificial intelligence with Midjourney.Loading… Loading… Market News and Data brought to you by Benzinga APIs
2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
