For Woo, it is a good time for long-term investors to buy bitcoin.
Altcoin capital will return to bitcoin, the analyst believes.
A further rise in the price of bitcoin (BTC) could be closer than expected. According to market analyst Willy Woo, a new upward movement of the cryptocurrency could begin this week, which would set the course again towards $ 60,000 per unit.
«Expectation of price action: a bullish breakout starting this week followed by a strong move to $ 60,000«, Stated the analyst in his most recent newsletter for subscribers, published this Saturday, September 4.
For Woo, the rise of bitcoin will occur with a very high probability, both in the short and in the medium and long term. Regarding the short term, the researcher refers to the fact that «the latest price stability data […] they have signaled that a big price move is imminent. ‘
The report focuses especially on the moment of consolidation of price and stability in which the cryptocurrency is right now. According to Woo, the stability metric “gives clues about when our next price movement will occur and its possible strength.”
The most recent data as of today shows price stability reaching a near-record high. This indicates that a leak is imminent. Due to the high peak of price stability, the subsequent price movement is expected to be strong.
Willy Woo, trader and market analyst.
Considering that the upward movement seems very close, the analyst considers that this it is a good time for long-term investors to buy BTC. At least “with reduced downside risk.”
In the long term, he added, current behavior suggests that “this bull market will last until 2022.” And although he didn’t mention it in this report, Woo has consistently talked about prices above 100,000 for every bitcoin this year.
Short season of altcoins
In a broader market landscape, Woo referred to the dominance of bitcoin compared to the rest of cryptocurrencies. In this area, he said, the main cryptocurrency on the market is right now in a support line with possible rise in the next few days.
That is, in the opinion of the researcher, BTC will continue to rise in dominance: altcoins will lower their performance compared to bitcoin and the rally season of altcoins we’ve had will have a hiatus. ‘ “My expectation is capital turnover back to BTC,” he added.
In fact, if we look at the Blockchain Center’s seasonal index of altcoins, over the last month most of the major altcoins have outperformed BTC. But in a longer period, the first currency of this market has reigned.
At the time of writing, BTC is traded on cryptocurrency exchanges above $ 50,000, as shown by the CryptoNews price calculator.