BTC Price Needs More Boring Price Action to Go Higher
CryptoNewsTerminal Staff22 Aug, 2024
BTC Price Needs More Boring Price Action to Go Higher
Bitcoin (BTC) has been struggling to gain momentum in recent months, and on-chain analyst Willy Woo says he believes for the price to go higher. Specifically, Woo pointed to large outflows of BTC from exchanges as being bullish, suggesting an accumulation trend. However, he argues these flows have been more than offset by other factors such as large amounts of BTC being sold by the Mt. Gox trustee, the German and US governments, and rampant derivatives speculation. While these factors pressured BTC's price in the short term, Woo argues that the recent price crash in early August liquidated a lot of this leverage. This is a development he sees as healthy, since these speculative forces were preventing the market from sustainably trending higher. In other words, Woo believes that right now, the market needs to absorb a lot more spot BTC, and to do that we need to see more boring price action to allow for an uptrend. ---
