BTC Forming Bullish Chart Patterns, But Macroeconomic Risks Linger
CryptoNewsTerminal Staff18 Sep, 2024
BTC Forming Bullish Chart Patterns, But Macroeconomic Risks Linger
On-chain analyst Willy Woo recently shared his insights on Bitcoin's (BTC) price action, suggesting that the cryptocurrency is forming a bullish chart pattern. Woo noted that demand and supply are currently in a neutral, bear risk zone, but a liquidation event could trigger a bullish trend. However, Woo cautions that macroeconomic factors could disrupt this pattern. "The only thing that can f--- this up in the short term is macro, which would take down all markets, then bring a recovery rally," he said. Despite the potential for a bullish pattern, investors should be aware of the ongoing macroeconomic risks. These risks include rising inflation, interest rate hikes, and geopolitical tensions. As always, it is important to conduct thorough research and exercise caution when investing in cryptocurrencies.
