Optimistic Outlook on Bitcoin by Willy Woo
Renowned on-chain data analyst Willy Woo recently shared an optimistic outlook on Bitcoin (BTC), stating that the inflow of funds into the blockchain network has increased, and market sentiment has significantly changed. If this trend continues, Bitcoin is expected to reach new all-time highs. In an article published on the social media platform X on April 27, he stated:
Woo emphasized the strength of recent funding trends, and the charts he shared indicate a reversal in cash flow. He wrote:
Source: Willy Woo
When discussing price targets, Woo pointed out: “Our mid-term targets of $90,000 and $93,000 have been achieved, the target of $108,000 remains valid, and a new mid-term target of $103,000 is forming.”
However, Woo also cautioned investors that the on-chain volume-weighted average price (VWAP) currently exceeds three standard deviations, indicating that prices have undergone excessive expansion. Therefore, it may be challenging to see substantial momentum pushing prices higher in the short term, with the likely scenarios being sideways consolidation or gradual increases.
Source: Willy Woo
Woo concluded by stating that we are in a “solid long-term pattern,” and if the trend of fund flow continues, Bitcoin is likely to break through historical highs again. He further wrote:
This content is for informational purposes only and does not represent the views or investment advice of this site; readers should exercise caution in their evaluations.
