Bitcoin Correction to $39,000 Likely, Says On-Chain Analyst Willy Woo
According to on-chain analyst Willy Woo, Bitcoin (BTC) is expected to retest the $39,000 zone before potentially continuing its bullish trend. Woo points out that there is a trading gap near $39,700 on the Chicago Mercantile Exchange (CME) futures market, which often gets filled due to the lack of liquidity in that price zone.
Additionally, Woo highlights another unfilled gap near $20,000. He lists several bullish catalysts for Bitcoin, including lower interest rates, a peak in the US dollar index, and a return in global liquidity. On the other hand, his bearish case for BTC includes a technically bearish setup, net inflow of coins into exchanges, and weakening demand for Bitcoin on the futures market.
As of now, Bitcoin is trading at $42,215.
Hot Take: Bitcoin Faces Potential Correction Before Continuing Bullish Trend
On-chain analyst Willy Woo suggests that Bitcoin could experience a correction and retest the $39,000 zone before continuing its upward trajectory. Woo’s observation of a trading gap near $39,700 on the CME futures market supports this prediction. However, he also notes that there is another unfilled gap near $20,000. While Woo presents both bullish and bearish cases for BTC based on various factors such as interest rates and demand trends, it remains to be seen how Bitcoin will perform in the short term. Currently priced at $42,215, Bitcoin’s next move will be closely watched by crypto enthusiasts.
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