Popular crypto analyst Willy Woo has identified an ongoing power tussle between demand and supply in the Bitcoin ecosystem., Woo outlined three bullish and two bearish factors that could decide bitcoin’s price trajectory in the near term. He opined that the bullish signals overpower the bearish ones; hence, BTC may likely see more northward movement in the coming months.According to Woo, miner capitulation is over, and the Bitcoin hash rate is recovering.
Highlighting a previous tweet in which he predicted that the market would rally due to the end of miner capitulation, Woo said BTC could see months of “bullishness.” True to his claim, BTC surged above the $60,000 level a day after he made the post, with hash rate recovery preceding the rally. The second bullish factor is the Puell Multiple, which measures miners’ relative profit to past revenues. Woo called the metric a “1-2 punch macro signal.” The first part entails macro bottoms happening when miners are seeing minimal profit, while the second is a signal bottom that occurs when Bitcoin halving slashes miner rewards by 50%, leading to a bull run.substantial profits henceforth.
Furthermore, Woo explained that the setup in global liquidity was an early sign that BTC would soon break out. This is also evident in traditional finance entities increasingly buying risk-on assets like BTC, which often happens when liquidity expands.spot crypto exchanges from entities like the Mt.
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