U.Today – Prominent on-chain analyst Willy Woo has released his own market outlook, suggesting that in the near to medium-term future, there may be an increase in bullish momentum for Bitcoin. His chart provides a unique perspective on the current state of the market by highlighting price trends and Bitcoin inventory on exchanges.
Cautious optimism is highlighted amid the current market movements. Woo anticipates that Bitcoin’s current uptrend will continue in the near future, likely for another week. Bitcoin is displaying a bullish flag on the chart, a typical technical pattern that denotes a sustained upward movement following a brief period of consolidation.
This is a promising sign for traders looking for quick profits in the coming days. Woo notes that when taking derivatives into account, the exchange’s inventory remains stable and there is a notable accumulation of spot Bitcoin over the medium term. This implies that while there has not been much movement in derivatives trading, there is steady buying in the spot market, especially from long-term investors and holders.
Bitcoin accumulation may foreshadow an impending bullish move, particularly if demand continues. But Woo remains cautious. The market is not under pressure to sell at the moment, but it has not fully transitioned into a bullish structure either. Demand and supply dynamics at the moment are neutral to bearish.
Woo notes that a potential short squeeze could quickly turn things around and trigger liquidations, which would drive up the price of Bitcoin. If that were to happen, there is a chance that the market could firmly enter a bullish phase. As usual, Woo’s analysis provides traders and investors with insightful information.
This article was originally published on U.Today
