On-chain analyst Willy Woo is leaning bullish on Bitcoin (BTC) amid the flagship crypto asset’s speedy advance over the previous couple of days.
Woo tells his 1.1 million followers on the social media platform X that whereas Bitcoin is primed to go larger, the targets that BTC might doubtlessly hit can solely be decided by extrapolation.
“When BTC breaks into all-time highs, there’s no prior historical past of resistances for the market to commerce round. This implies value goes into unfettered value discovery, anticipate wild swings.
In these conditions, we have now two guides to search out new resistances. Fibonacci bands, utilizing magic numbers seen in nature, and actual liquidation ranges of market positions.”
Fibonacci bands is a technical evaluation instrument that makes use of the Fibonacci numbers together with Bollinger Bands – an indicator used to find out overbought or oversold circumstances in addition to measuring volatility.
Based on Woo, Bitcoin is prone to recognize by round 16% from the present degree after a interval of consolidation.
“$88,000 – $91,000 was the primary goal. We hit it. Consolidation ought to occur right here. That is each from native Fibonacci ranges and liquidation ranges the place many of the shorts have been taken out, it’s the tip of obligatory shopping for from brief sellers getting culled.
$102,000 is the following macro Fibonacci [level], utilizing final cycle excessive and this cycle low. Let’s see the place new liquidations cluster round, however for now, that’s our subsequent goal primarily based on Fibonacci [numbers].”
Bitcoin is buying and selling at $87,790 at time of writing.
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