- The BTC price could move higher based on the Bitcoin Macro Oscillator Momentum (BMO).
- Despite the short-term selling pressure, BTC’s upside potential remains strong.
Bitcoin [BTC] has been stuck in a price consolidation phase for over two months ($60,000 – $72,000), which is painful, especially for short-term holders expecting huge price increases.
However, crypto analyst Willy Woo thinks that the consolidation ‘very good‘ for BTC’s upside potential.
“These 2.5 months of consolidation under rising demand have been very good for #Bitcoin, meaning the price has more room to rise before reaching its peak.”
Woo’s projection was based on the Bitcoin Macro Oscillator (BMO), which showed that additional upside moves were possible.
Source: X/Willy Woo
The BMO is a collective momentum metric that includes other key indicators such as MVRV (Market Value to Realized Value), VWAP (Volume-Weighted Average Price), CVDD (Cumulative Value Days Destroyed), and the Sharpe ratio.
In short, the BMO reduces short-term price noise and captures whether BTC has bottomed or peaked from a long-term perspective.
In the 2017 and 2021 market cycles, BTC refilled after BMO reached 1.8, the value of the indicator was still below 1 at the time of printing.
So based on BMO, Woo predicted that the indicator could move back towards 1.8, marked by a white arrow on the chart, giving the price of BTC more room to the upside.
BTC Price: What’s Next?
Despite the bullish outlook, resistance near the last cycle high of $69,000 was still a major hurdle, according to Peter Brandt, a renowned BTC technical chart analyst.
Per BrandtBTC must ‘reach new highs to confirm the bull trend.’
However, a recent AMBCrypto report found that most metrics still painted a bullish scenario for the king coin. Miners in particular were not selling their assets, and market sentiment pointed to ‘greed’.
But the only problem for the BTC price was the short-term holders. Most of them turned a profit and were able to book profits, causing short-term selling pressure.
However, another crypto analyst, Cryp Nuevopredicted that a liquidity chase could overtake short sellers as most liquidity was near the highs of $72,000..
That said, AMBCrypto’s Bitcoin price prediction showed that if BTC breaches the month’s highs, $79K could be the next bullish target for the king coin.
The bullish sentiment was further echoed by crypto trading firm QCP Capital.
In his Telegram update To its community, the company downplayed the recent short-term BTC selling pressure from the Mt Gox update as “blips” for a “higher trend.”
“These bouts of supply anxiety are likely to be a break in a broader trend higher into the year.”