A widely followed analyst thinks Bitcoin (BTC) is taking a breather before soaring to new all-time highs.
Analyst Willy Woo tells his 1 million followers on the social media platform compares BTC’s network is surging towards price action, suggesting the crypto king isn’t done accumulating yet.
According to Woo, Bitcoin is currently consolidating near-record prices in preparation for the next surge upward.
“This is a long-term Bitcoin risk signal I’ve been working on.
Scale in when the risk is low, and scale out when the risk is high.
It says: ‘Enjoy the dip while this consolidation continues.’
This isn’t the top, it’s just ATH consolidation (all-time high).
Zooming out, Woo says Bitcoin often witnesses parabolic rallies during bull markets as market participants are fueled by the fear of missing out (FOMO), along with investors’ tendency to hold on to their BTC stacks.
“The mother tongue of the markets is the chart, and it is clear what the chart says.
See it?
TradFi (Traditional Finance) – ‘Fear is greater than greed.’
Bitcoin – ‘FOMO is bigger than fear.’
In TradFi, bear markets are steep and people panic.
In Bitcoin, bull markets are steep, people are FOMO.
In my opinion, in bull markets, Bitcoin FOMO drives the marketing, then education takes over and the sell-off is very muted. Hodling (holding on for dear life) becomes behavior.”
At the time of writing, Bitcoin is trading at $65,909, down more than 1% in the past 24 hours.
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Generated image: Midjourney