Veteran Bitcoin analyst Willy Woo says that the flagship cryptocurrency is setting up for a potential break of new highs amid growing capital flows.

Posting to the social media platform X, Woo tells his 1.1 million followers that Bitcoin (BTC) fundamentals have turned bullish, and that its current structure is “not a bad setup” for a break of all-time highs.

“Capital flows into the network are ramping up.

Both total and speculative flows have bottomed. When both align, they join forces to make a bullish environment anchored in fundamentals.”

However, in the near term, Woo says there’s a high chance of more sideways price action before BTC gains the strength for a new leg up, noting that his volume-weighted average price (VWAP) indicator is relatively high.

VWAP is the average price of an asset over a period of time, but weighted for trading volume.

“…but in the short term, on-chain VWAP is at +three standard deviations, meaning it’ll be hard to move upwards with decent momentum due to overextension.

Sideways action or, in the most bullish case, a slow grind upwards is the order of the day.”

Says Woo in summary,

“BTC is setting up for another break of all-time highs if the capital flow trend continues. It’s a solid long-term setup.

All dips are for buying under the present regime. In the very short term, there are good chances of dips.”

At time of writing, Bitcoin is trading at $93,768, up 11% in the last seven days.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Bitcoin Setting Up for Break of All-Time Highs As Capital Flows Into BTC Ramp Up, Says Analyst Willy Woo appeared first on The Daily Hodl.

Veteran Bitcoin analyst Willy Woo says that the flagship cryptocurrency is setting up for a potential break of new highs amid growing capital flows.

Posting to the social media platform X, Woo tells his 1.1 million followers that Bitcoin (BTC) fundamentals have turned bullish, and that its current structure is “not a bad setup” for a break of all-time highs.

“Capital flows into the network are ramping up.

Both total and speculative flows have bottomed. When both align, they join forces to make a bullish environment anchored in fundamentals.”

However, in the near term, Woo says there’s a high chance of more sideways price action before BTC gains the strength for a new leg up, noting that his volume-weighted average price (VWAP) indicator is relatively high.

VWAP is the average price of an asset over a period of time, but weighted for trading volume.

“…but in the short term, on-chain VWAP is at +three standard deviations, meaning it’ll be hard to move upwards with decent momentum due to overextension.

Sideways action or, in the most bullish case, a slow grind upwards is the order of the day.”

Says Woo in summary,

“BTC is setting up for another break of all-time highs if the capital flow trend continues. It’s a solid long-term setup.

All dips are for buying under the present regime. In the very short term, there are good chances of dips.”

At time of writing, Bitcoin is trading at $93,768, up 11% in the last seven days.

Follow us on X, Facebook and Telegram

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Bitcoin Setting Up for Break of All-Time Highs As Capital Flows Into BTC Ramp Up, Says Analyst Willy Woo appeared first on The Daily Hodl.