Bitcoin Short-Term Gains Predicted by Crypto Analyst Willy Woo

Bitcoin faces medium-term challenges, with potential reversal signals still unconfirmed. Falling bond rates in traditional finance raise concerns

Bitcoin price has never regained its all-time high of $73,980, which it reached earlier in the year. But cryptocurrency fans are excited by some interesting signals that popular analyst Willy Woo revealed about Bitcoin's short-term, medium-term and macro outlook.

Could these signals indicate that a breakout is imminent? Follow Bitcoin more!

Bitcoin Short Term Expectations

Willy Woo suggests that Bitcoin may experience a short-term increase in the coming weeks. According to its analysis, Bitcoin may experience a positive trend in the next one to three weeks.

On the other hand, this potential short-term gain can present a great chance for investors who want to take advantage of rapid market movements.

Bitcoin price rose a remarkable 68.7 percent in the first quarter of this year, but subsequent quarters were less impressive. The second and third quarters brought losses of 12 percent and 10.3 percent, respectively. However, historical data suggests that the fourth quarter could change things; Nine of the past eleven fourth quarters have shown positive growth.

Bitcoin Medium Term Expectations

The picture is more complex in the medium term. Woo notes that Bitcoin's demand and supply dynamics have been on a downward trend since the April halving. But there is a glimmer of hope in the last four weeks that a reversal signal may have begun. This potential reversal signal has not yet been confirmed.

On the other hand, the 2024 US presidential elections are only two months away and the result could have a big impact on the future of Bitcoin. If a pro-crypto president like Trump wins the election by boldly stating his goal of making the US the crypto capital, it is possible that Bitcoin could skyrocket to $90,000.

However, if an anti-crypto candidate is elected to the presidency, Bitcoin is likely to experience a dramatic decline.

Bitcoin Macro Perspective

From a broader perspective, Woo observes that Bitcoin is printing lower lows, indicating that it is not in a bear market but rather in a reaccumulation phase. This shows that Bitcoin is waiting for the right conditions to rise again.

Although current macro signals do not directly point to a decline, patience may be required as the market adapts.

Traditional Finance Risks

Also, Woo raises concerns from the traditional financial sector. Falling bond rates can herald an impending crash, as seen in past events such as the 2020 COVID crisis and the 2008 financial crisis.

Such crashes often lead to long-term rallies supported by increased liquidity and monetary expansion. However, investors should be prepared for ongoing uncertainties in the coming periods.

The above is the detailed content of Bitcoin Short-Term Gains Predicted by Crypto Analyst Willy Woo. For more information, please follow other related articles on the PHP Chinese website!