Experts continue to point towards a path that could eventually take Bitcoin above $108,000.
According to a recent post from on-chain analyst Willy Woo, Bitcoin’s fundamentals have strengthened by a wide margin as of late.
“BTC fundamentals have turned bullish, not a bad setup to break all-time highs,” Woo says.
According to trader CrypNuevo momentum has not yet rolled over, and Bitcoin could still climb to $97,000, where strong liquidity is positioned.
In the long term, if capital inflows continue and macro conditions continue to stay green, Bitcoin’s journey to $108,000 could very well be underway.
Bitcoin’s recent performance is once again turning heads. Analysts are pointing to strong on-chain fundamentals that show that the world's most popular cryptocurrency is not only ready to reclaim its all-time highs:
It could even push toward new price targets.
Capital continues to flow into Bitcoin and liquidity is deepening. Experts continue to point towards a path that could eventually take Bitcoin above $108,000 (and maybe even higher).
Willy Woo Sees Strong Fundamentals On Bitcoin’s Rise
According to a recent post from on-chain analyst Willy Woo, Bitcoin’s fundamentals have strengthened by a wide margin as of late.
This provides a solid foundation for growth, and Bitcoin could be ready to explode.
Woo says that capital inflows into the Bitcoin network are on the rise.
More interestingly, both total and speculative capital have reached their bottom points and are starting to trend upward again.
This marks a major pivot, as strong inflows typically point towards a healthy market, rather than one driven by short-term speculation.
“BTC fundamentals have turned bullish, not a bad setup to break all-time highs,” Woo stated.
He also noted that Bitcoin’s liquidity is improving, based on his Risk Model.
This model, which measures market liquidity trends, now shows that the market has entered an era where liquidity is becoming deeper.
As a result, future price drops are likely to be less sharp and less prone to major sell-offs.
“All dips are for buying under the present regime,” Woo pointed out.
In essence, investors should see short-term corrections as buying opportunities rather than signs of weakness.
Price Targets and Near-Term Resistances
Woo’s analysis shows that medium targets for Bitcoin sit at around $90,000 and $93,000.
Bitcoin has already reclaimed both of these and is ready to take on a new interim target of $103,000 before a longer-term path toward $108,000 (which happens to be Bitcoin’s previous all-time high).
This outlook is expected to be unlike other rallies that tend to fizzle out after a while.
Woo believes these targets are supported by real capital inflows and could lead to a strong upward trend rather than a fleeting rally.
On the other hand, Woo warned that Bitcoin’s short-term outlook might be less exciting.
His on-chain Volume Weighted Average Price (VWAP) indicator shows that Bitcoin is currently sitting at +3 standard deviations above its average price.
This level of overextension means that it may be difficult for Bitcoin to push higher in the immediate term without some cooling off.
“It’ll be hard to move upwards with decent momentum due to overextension,” Woo explained.
By this, he means that Bitcoin may move sideways or rise slowly, rather than stage another fast rally right away.
Bitcoin Traders Brace for a Critical Week
Other traders are also watching Bitcoin’s price action.
Bitcoin recently tested $92,000 as a support level after closing strongly above $93,500.
According to trader CrypNuevo, Bitcoin is ready for higher highs in the near term.
The analyst believes that momentum has not yet rolled over and Bitcoin could still climb to $97,000, where strong liquidity is positioned.
However, he also warned that a retest of the 50-period exponential moving average (EMA) on the 4-hour chart (which is currently near $91,850), may be necessary before any further moves up.
Meanwhile, Roman, another trader offered a more cautious view.
He is waiting for Bitcoin to retrace to around $88,000 and is skeptical of Bitcoin's ability to break through $94,000 anytime soon.
According to Roman, the Bitcoin RSI is heavily overbought and is showing signs of an incoming cooling-off period.
Adding to the mixed views, trader Skew says that there is some indecision in the market, especially in the $90,000 to $92,000 range.
This means that traders are still trying to find a clear direction.
Overall, in the long term, if capital inflows continue and macro conditions continue to stay green, as many analysts expect: Bitcoin’s journey to $108,000 could very well be underway.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Bitcoin Surge to $108K? Here’s What Analysts and Data Are Saying
Key Insights
Bitcoin’s recent performance is once again turning heads. Analysts are pointing to strong on-chain fundamentals that show that the world's most popular cryptocurrency is not only ready to reclaim its all-time highs:
It could even push toward new price targets.
Capital continues to flow into Bitcoin and liquidity is deepening. Experts continue to point towards a path that could eventually take Bitcoin above $108,000 (and maybe even higher).
Willy Woo Sees Strong Fundamentals On Bitcoin’s Rise
According to a recent post from on-chain analyst Willy Woo, Bitcoin’s fundamentals have strengthened by a wide margin as of late.
This provides a solid foundation for growth, and Bitcoin could be ready to explode.
Woo says that capital inflows into the Bitcoin network are on the rise.
More interestingly, both total and speculative capital have reached their bottom points and are starting to trend upward again.
This marks a major pivot, as strong inflows typically point towards a healthy market, rather than one driven by short-term speculation.
“BTC fundamentals have turned bullish, not a bad setup to break all-time highs,” Woo stated.
He also noted that Bitcoin’s liquidity is improving, based on his Risk Model.
This model, which measures market liquidity trends, now shows that the market has entered an era where liquidity is becoming deeper.
As a result, future price drops are likely to be less sharp and less prone to major sell-offs.
“All dips are for buying under the present regime,” Woo pointed out.
In essence, investors should see short-term corrections as buying opportunities rather than signs of weakness.
Price Targets and Near-Term Resistances
Woo’s analysis shows that medium targets for Bitcoin sit at around $90,000 and $93,000.
Bitcoin has already reclaimed both of these and is ready to take on a new interim target of $103,000 before a longer-term path toward $108,000 (which happens to be Bitcoin’s previous all-time high).
This outlook is expected to be unlike other rallies that tend to fizzle out after a while.
Woo believes these targets are supported by real capital inflows and could lead to a strong upward trend rather than a fleeting rally.
On the other hand, Woo warned that Bitcoin’s short-term outlook might be less exciting.
His on-chain Volume Weighted Average Price (VWAP) indicator shows that Bitcoin is currently sitting at +3 standard deviations above its average price.
This level of overextension means that it may be difficult for Bitcoin to push higher in the immediate term without some cooling off.
“It’ll be hard to move upwards with decent momentum due to overextension,” Woo explained.
By this, he means that Bitcoin may move sideways or rise slowly, rather than stage another fast rally right away.
Bitcoin Traders Brace for a Critical Week
Other traders are also watching Bitcoin’s price action.
Bitcoin recently tested $92,000 as a support level after closing strongly above $93,500.
According to trader CrypNuevo, Bitcoin is ready for higher highs in the near term.
The analyst believes that momentum has not yet rolled over and Bitcoin could still climb to $97,000, where strong liquidity is positioned.
However, he also warned that a retest of the 50-period exponential moving average (EMA) on the 4-hour chart (which is currently near $91,850), may be necessary before any further moves up.
Meanwhile, Roman, another trader offered a more cautious view.
He is waiting for Bitcoin to retrace to around $88,000 and is skeptical of Bitcoin's ability to break through $94,000 anytime soon.
According to Roman, the Bitcoin RSI is heavily overbought and is showing signs of an incoming cooling-off period.
Adding to the mixed views, trader Skew says that there is some indecision in the market, especially in the $90,000 to $92,000 range.
This means that traders are still trying to find a clear direction.
Overall, in the long term, if capital inflows continue and macro conditions continue to stay green, as many analysts expect: Bitcoin’s journey to $108,000 could very well be underway.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.