According to analyst Willy Woo, Bitcoin still has more upside potential based on a key momentum indicator: the Bitcoin Macro Oscillator.
Crypto analyst Willy Woo has projected more upside potential for BTC’s price because the market hasn’t topped yet.has been stuck in a price consolidation phase for over two months, which is painful, especially for short-term holders expecting massive price upswings.
‘This 2.5 months of consolidation under bullish demand has been very good for #Bitcoin, it means the price has more room to run before topping out.’The BMO is a collective momentum metric that contains other key indicators, such as MVRV , VWAP , CVDD , and the Sharpe ratio. In short, the BMO reduces the short-term price noise and captures whether BTC has bottomed or topped from a long-term perspective.So, based on BMO, Woo projected that the indicator could move to 1.8 again, marked by a white arrow on the chart, allowing BTC’s price more room to the upside.Despite the bullish outlook, the resistance near the last cycle high of $69K was still a key hurdle, according to Peter Brandt, a renowned BTC technical chart analyst.
But the only problem for the BTC price was the short-term holders. Most of them were in profit and could book profits, inducing short-term sell pressure.that if BTC clears the month-long range highs, the $79K could be the next bullish target for the king coin.to its community, the firm downplayed recent short-term BTC sell pressure from the Mt Gox update as ‘blips’ for a ‘higher trend.’
“These bouts of supply anxiety are likely to be blips in a broader trend higher into the end of the year.’Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.
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