Expert Willy Woo believes in Bitcoin (BTC) needs to make at least one key reversal to confirm the initiation of a bullish phase.
Wow they tell us His 1.2 million followers on X that Bitcoin can go parabolic if the top crypto asset can break the next level of major resistance at $79,000, the price base of the currency in the near future.
The net price is an on-chain metric that estimates the average price at which short-term Bitcoin owners have earned their money. Metrics can be used to determine where you can enter and exit.
The analyst also warns that Bitcoin must remain above the $60,000 level or there could be a dangerous correction.
“The next test of BTC is clearly breaking the price of the latest currency ($79,000). I give 30% chance of doing this in this test. After that, if BTC manages to keep this price above $65,000 and does not fall, then the chance of staying down increases significantly.
Wow he adds that if Bitcoin turns the level of $ 79,000 to support it will indicate the end of the bearish phase that continues based on historical data.
“Three things happen at the end of bear markets.
- Price clearly breaks the price of recent investors (squares).
- Idle hopium smoking provides a way to quickly click the BUY button to chase the price.
- This increases the value (red line changes to green).”
Bitcoin is trading at $76,237 at the time of writing, down 1.3% on the day.
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