Famous Chinese cryptocurrency analyst Willy Woo shared his latest assessments of the market on social media. Woo drew attention to both positive and possible negative developments for investors.
Woo said in his statement about Bitcoin, “I have some good news and maybe some bad news for you.” Evaluating the general liquidity situation of the market, the analyst gave optimistic messages in terms of the long-term outlook. Woo said, “The risk signal is in a downtrend, which shows that the general market environment is dominated by buying liquidity. The ground is being prepared for a new strong uptrend in the long term.”
However, Woo also pointed out that there were signs of weakening in the strength of the rise, and took a cautious approach by saying, “The strength of the bull run that stretched from $75,000 to $112,000 has begun to break.”
Woo, who emphasized that the coming week is critical for the market, said, “If the expected momentum does not come this week, we may face a period of consolidation again.” The analyst also touched on short-term risks, stating that the opening of long positions by late-joining speculators could create pressure on prices along with profit sales. Woo said that SOPR data points to high potential profit realizations.
*This is not investment advice.
