Willy Woo: Bitcoin Fundamentals Are Strong But Bottom Not Yet Formed, Warning Current Rally Could Be Bull Trap

BTC0.67%
Gate News: On March 17, Bitcoin analyst Willy Woo tweeted that on-chain and fundamental funding aspects of Bitcoin remain strong in this region, opening up space for a price rally to the mid-$80,000 range. This range represents the short-term holder cost basis. Woo pointed out that this rally is mainly driven by the futures market, with buying primarily from short-term funds. Such liquidity can easily lead to "whip-saw" volatility to hunt leveraged positions. He believes that the current bottom structure has not yet formed, and from a liquidity perspective, the overall bear market process is about one-third complete. He also warned that the current rebound could be a "bull trap."
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments