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Bitcoin price consolidation: On-chain analyst expects all-time high soon
Discover the latest analysis from well-known on-chain analyst Willy Woo, who claims that Bitcoin is currently in a consolidation phase and will soon head to new all-time highs. Find out why he believes fear of missing out (FOMO) and long-term holding of BTC lead to parabolic upswings. Stay up to date, subscribe to our newsletter and don't miss any important developments in the crypto market. Also follow us on Twitter, Facebook and Telegram.
Bitcoin price consolidation: On-chain analyst expects all-time high soon
Widespread on-chain analysis shows that Bitcoin (BTC) is just taking a breather before hitting new all-time highs. Analyst Willy Woo tells his 1 million followers on social media platform
According to Woo, Bitcoin is currently consolidating near record prices in preparation for the next move higher. It is a long-term risk signal for Bitcoin, recommending buying when risk is low and selling when risk is high. Woo emphasizes that this is not the top end, but simply a consolidation at the all-time high level.
Looking further back, we see that Bitcoin often experiences parabolic rises during bull markets. This is because market participants are driven by fear of missing out (FOMO), coupled with investors' tendency to hold on to their BTC holdings. Woo explains that in bullish Bitcoin markets, FOMO drives the market and then formation takes over, severely dampening sales. Hodling becomes a behavior.
At the time of writing, Bitcoin price is at $65,909 and has decreased by over 1% in the last 24 hours.
Tabel:
| Price (USD) | Change (24 hours) |
|---|---|
| 65,909 | -1% |
Important note: The opinions expressed in this article do not constitute investment advice. Investors should conduct their own due diligence before investing in Bitcoin, cryptocurrencies or digital assets. Please note that transactions and trades are done at your own risk and any losses are your responsibility. Neither buying nor selling cryptocurrencies or digital assets is recommended and this article does not constitute investment advice.