Bitcoin’s Bull Run is Just Getting Started, Says On-Chain Analyst Willy Woo
On-chain analyst Willy Woo predicts that Bitcoin’s bull run is far from over, with price models suggesting that the cryptocurrency has massive potential for growth. Woo shares his insights on social media, stating that Bitcoin’s upper bound is currently $337,000. According to him, this bull market is still in its early stages, similar to when Bitcoin reached $20,000 in the previous cycle. However, he believes that this time around, the flood of paper BTC (derivatives representing Bitcoin without actual ownership) is less dominant.
Bitcoin Macro Index Signals a Fundamentals-Driven Bull Market
Woo also analyzes the Bitcoin Macro Index (BMI), which combines 17 fundamental and technical macro signals to track BTC investors’ and miners’ behavior. He reveals that they recently broke the upper blue band on the BMI, indicating a full fundamentals-driven bull market. This further supports his prediction that Bitcoin’s upward trajectory is still ongoing.
The Bitcoin Network Stores $1.8 Billion Worth of New Capital Daily
In addition to analyzing price models and macro indicators, Woo looks at the influx of capital into the Bitcoin network. He notes that currently, the network stores $1.8 billion worth of new capital every day. Although this figure is impressive, it falls just short of the all-time high recorded in January 2021, which saw $2.15 billion stored daily.
Bitcoin Price Update: Reaching New All-Time Highs
As of now, Bitcoin is trading at $71,633 and recently set a new all-time high of $72,733. The cryptocurrency has experienced significant growth in recent weeks, with a nearly 13% increase in the past week and a remarkable 47% surge in the past 30 days. These numbers indicate that Bitcoin’s bull run is still going strong.
Hot Take: Bull Market Still Early, Brace for Higher Prices
Willy Woo’s analysis suggests that Bitcoin’s current bull market is just the beginning, with the potential for much higher prices ahead. Here’s why you should pay attention:
1. Price Models Indicate Massive Potential
- Bitcoin’s upper bound, according to Woo, is currently $337,000.
- This indicates that the cryptocurrency still has significant room for growth in the current bull market.
2. Fundamentals-Driven Bull Market
- The Bitcoin Macro Index (BMI) signals a full fundamentals-driven bull market.
- This means that Bitcoin’s price surge is not merely speculative but based on solid fundamentals.
3. Influx of Capital
- The Bitcoin network is storing $1.8 billion worth of new capital daily.
- This shows strong investor interest and confidence in Bitcoin as an asset.
In conclusion, Willy Woo’s analysis suggests that Bitcoin’s bull run is far from over. With price models indicating massive potential, a fundamentals-driven market, and a significant influx of capital, it’s clear that Bitcoin still has room to grow. Crypto enthusiasts should brace themselves for higher prices in the future.
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