Top market analyst Willy Woo has suggested a potential uptrend for Bitcoin, despite cautioning traders about the TD9 indicator’s current trend. Woo, a well-known on-chain analyst, expressed optimism about Bitcoin (BTC), hinting that the cryptocurrency may have already weathered the worst of its recent downturn. In a recent update on X, a prominent social media platform, Woo highlighted short-term technical indicators indicating a possible reversal in BTC’s price trajectory.
Specifically, Woo emphasized that Bitcoin was on the verge of a TD9 reversal on daily candles, a significant technical milestone in Tom Demark Sequential 9 (TDS 9) analysis, used to identify potential price tops and bottoms in cryptocurrencies.
“If this indicator plays out as anticipated,” Woo stated, “Bitcoin could enter a hidden bullish divergence, correcting the overselling seen in the market recently.” However, he cautioned that despite potential temporary relief for BTC, significant risks still loom. Woo underscored the necessity of reducing future open interest to pave the way for a sustainable upward movement. “The system must purge futures open interest to facilitate an upward trajectory,” Woo explained, noting its critical role in clearing speculative excesses and stabilizing the market.
Addressing Bitcoin’s crucial liquidation thresholds, Woo highlighted $54,000 as the next pivotal level. He acknowledged the challenge of reaching this milestone within the current macroeconomic context, stressing its importance in determining Bitcoin’s bullish or bearish trajectory.
As of the latest update, BTC is trading at $61,639, reflecting a modest increase of 0.7% over the past 24 hours, with a market cap exceeding $1.2 trillion. This positions Bitcoin comfortably above Woo’s identified $54,000 threshold. Trading volume also saw a 3.5% rise, surpassing $22 billion.
Woo’s analysis arrives amid heightened volatility in the crypto market, where investors scrutinize technical indicators and macroeconomic trends to gauge Bitcoin’s future direction. His insights provide valuable perspectives for both short-term traders and long-term investors navigating the complexities of cryptocurrency markets.
It’s noteworthy that Woo’s bullish sentiment aligns with other analysts’ views on Bitcoin’s potential. Crypto analyst Ali Martinez, echoing earlier reports by Crypto News Flash, forecasts a Bitcoin rally of over 60%, based on historical oversold conditions observed thrice in the past two years. Conversely, Benjamin Cowen suggests that recent fluctuations in gold prices might signal a potential downturn in BTC’s value, drawing parallels to events in 2019 when Bitcoin’s ascent paused after peaks in gold prices.
For further insights and updates on Bitcoin, readers can explore recommended resources such as a Bitcoin buying guide, wallet tutorials, and real-time price checks. Subscribe to our daily newsletter for unbiased insights and analysis—no spam, just informed perspectives that you can opt out of at any time.