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Analyst Willy Woo is leaning bullish on Bitcoin (BTC), a little over a week since the crypto king recorded a new all-time high.
Woo tells his 1.2 million followers on the social media platform X that Bitcoin’s risk signal is trending downwards, an indication that the market risk is falling.
According to the widely followed analyst, there’s an increase in liquidity from buyers, a fact which could push up the price of the crypto king.
“We are setting up for another solid run on the long time frame.”
Source: Willy Woo/X
Woo, however, says that the strength of Bitcoin’s recent bullish run from the price of $75,000 reached around April 6th to the price of $112,000 recorded on May 22nd is beginning to weaken.
Over the short term, the widely followed analyst says,
“This week is absolutely critical, if we do not get follow through, then we will be up for another consolidation period.”
Woo further says,
“In the short term, my main concern are the late-comer speculators taking long positions while an immense amount of potential profit-taking is ready to dump (SOPR).
This week’s spot buying will strongly influence the next 1-2 months of price action. We are in a pivot zone.”
The SOPR, an acronym for the Spent Output Profit Ratio, is an on-chain metric used to determine market sentiment by revealing whether the Bitcoin that is moving is being sold at a loss or profit.
Source: Willy Woo/X
Bitcoin is trading at $107,531 at time of writing.
