Bitcoin, the leading cryptocurrency, has been having a tough time reaching its all-time high of $73,980 again this year. But that hasn’t stopped the excitement! Bitcoin fans are on edge as popular analyst Willy Woo has revealed some intriguing signals about Bitcoin’s short-term, medium-term, and macro outlook.
Could these signals mean a breakthrough is coming? Don’t miss out on what’s next for Bitcoin!
Bitcoin Short-Term Prospects
Willy Woo suggests that Bitcoin could see a short-term boost in the coming weeks. According to his analysis, Bitcoin might experience a positive trend over the next one to three weeks.
Meanwhile, this potential short-term gain could present a great chance for traders looking to take advantage of quick market movements.
Although Bitcoin saw a remarkable 68.7% gain in Q1 this year, the following quarters have been less impressive. Q2 and Q3 brought losses of -12% and -10.3%, respectively. However, history suggests Q4 could turn things around, with nine out of eleven past Q4s showing positive growth.
Medium-Term Challenges
In the medium term, the picture is more complex. Woo notes that since the April halving, Bitcoin’s demand and supply dynamics have been bearish. However, there is a glimmer of hope that a reversal pattern may have begun in the last four weeks. This potential reversal is still unconfirmed.
Meanwhile, the 2024 US presidential election is just two months away, and the outcome could drastically impact Bitcoin’s future! If a pro-crypto president, like Trump, who has boldly stated his goal of making the US the crypto capital, wins, Bitcoin could skyrocket to $90K.
But if an anti-crypto candidate takes the presidency, Bitcoin might face a dramatic drop.
Macro Perspective
On a broader scale, Woo observes that Bitcoin is printing lower lows, which suggests it is not in a bear market but rather in a re-accumulation phase. This indicates that Bitcoin is waiting for the right conditions to potentially rise again.
While the current macro signals do not point to an outright decline, patience may be needed as the market adjusts.
Traditional Finance Risks
Additionally, Woo highlights concerns from the traditional finance sector. Falling bond rates could signal a potential upcoming crash, as seen in past events like the 2020 COVID crisis and the 2008 financial crisis.
Such crashes often precede long-term rallies fueled by increased liquidity and monetary expansion. However, investors should be prepared for ongoing uncertainty in the coming periods.
Source: https://coinpedia.org/news/bitcoins-next-move-short-term-surge-or-major-crash-analyst-bold-predictions/