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Home Bitcoin

Willy Woo’s Bitcoin price prediction: BTC has ‘room to run’ and that means…

May 18, 2024
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Willy Woo’s Bitcoin price prediction: BTC has ‘room to run’ and that means…
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  • Willy Woo based his latest analysis on the VWAP Oscillator’s upward trend
  • Retail investment and technical patterns seemed to support a bullish outlook too

Bitcoin recorded a notable hike recently, with gains of 4.9% seen over the past week. This uptick has contributed to a broader bullish trend across the cryptocurrency market. Analysts are now closely monitoring various indicators to predict what might lie ahead for the world’s leading cryptocurrency. 

One such analyst, Willy Woo, shared his insights on the Volume-Weighted Average Price (VWAP) Oscillator for Bitcoin, discussing its potential implications for future market movements.

Woo’s analysis on the social media platform X delved into the VWAP, a technical indicator that averages the price of an asset while considering the volume of transactions at each price level. This approach gives more importance to price levels with higher trading volumes, providing a more balanced view of price movements. 

For Bitcoin, Woo specifically examined the VWAP using on-chain volume, which benefits from the transparency of the blockchain to provide clear data to all observers.

VWAP oscillator’s role in predicting Bitcoin’s path

The focus of Woo’s study is the VWAP Oscillator, which measures the ratio between Bitcoin’s spot price and its VWAP, displaying this relationship in a form that oscillates around zero. 

Source: Willy Woo on X

Recent trends revealed that the VWAP Oscillator has been in negative territory for the past few months, but is now on an upward trajectory. Should this continue, it could soon reach the neutral zone, signaling a potential shift in market dynamics.

Historical data also seemed to indicate that when the VWAP Oscillator exits the negative zone and starts to climb, it often precedes a period of bullish momentum for Bitcoin. The price typically continues to surge until the oscillator peaks in positive territory and begins to decline. 

See also  BTC demand for short positions indicate volatility and FUD

According to Woo, this pattern means that “there is still a lot of room to run before a reversal or consolidation occurs,” making it a challenging time for bearish investors in the market.

Retail investors and technical indicators support bullish sentiment

Further supplementing these bullish observations, a CryptoQuant analyst also highlighted an increasing number of purchases from retail investors. According to the analyst, they have now bought roughly $135.7 million worth of Bitcoin over the past month alone. 

Source: CryptoQuant

This buying spree aligns with a spike in Bitcoin’s daily active addresses, as shown by Santiment’s data. The number of daily active addresses surged from approximately 49,000 to over 66,000 in a single day, illustrating a significant hike in market activity.

Source: Santiment

From a technical analysis perspective too, Bitcoin’s chart on the 4-hour timeframe showed some promising signs. The appearance of a bullish abandoned baby pattern followed by a bullish engulfing candlestick that closes above its predecessor is a particularly positive bullish signal. 

Source: BTC/USDT, TradingView

These technical patterns align with Woo’s prediction, indicating that Bitcoin might be gearing up for more gains. Notably, one of the catalysts behind BTC’s current bullishness is the release of the latest CPI data which was slightly lower than the expected 0.4%, as previously reported by AMBCrypto.

Next: AVAX’s price can rally to $50 ONLY if these conditions pan out

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  • Willy Woo based his latest analysis on the VWAP Oscillator’s upward trend
  • Retail investment and technical patterns seemed to support a bullish outlook too

Bitcoin recorded a notable hike recently, with gains of 4.9% seen over the past week. This uptick has contributed to a broader bullish trend across the cryptocurrency market. Analysts are now closely monitoring various indicators to predict what might lie ahead for the world’s leading cryptocurrency. 

See also  What Chainlink's Cross-Chain Interoperability Means for Ronin Users

One such analyst, Willy Woo, shared his insights on the Volume-Weighted Average Price (VWAP) Oscillator for Bitcoin, discussing its potential implications for future market movements.

Woo’s analysis on the social media platform X delved into the VWAP, a technical indicator that averages the price of an asset while considering the volume of transactions at each price level. This approach gives more importance to price levels with higher trading volumes, providing a more balanced view of price movements. 

For Bitcoin, Woo specifically examined the VWAP using on-chain volume, which benefits from the transparency of the blockchain to provide clear data to all observers.

VWAP oscillator’s role in predicting Bitcoin’s path

The focus of Woo’s study is the VWAP Oscillator, which measures the ratio between Bitcoin’s spot price and its VWAP, displaying this relationship in a form that oscillates around zero. 

Source: Willy Woo on X

Recent trends revealed that the VWAP Oscillator has been in negative territory for the past few months, but is now on an upward trajectory. Should this continue, it could soon reach the neutral zone, signaling a potential shift in market dynamics.

Historical data also seemed to indicate that when the VWAP Oscillator exits the negative zone and starts to climb, it often precedes a period of bullish momentum for Bitcoin. The price typically continues to surge until the oscillator peaks in positive territory and begins to decline. 

According to Woo, this pattern means that “there is still a lot of room to run before a reversal or consolidation occurs,” making it a challenging time for bearish investors in the market.

See also  Bitcoin climbs above $67K: Will BTC cross $100K this time?

Retail investors and technical indicators support bullish sentiment

Further supplementing these bullish observations, a CryptoQuant analyst also highlighted an increasing number of purchases from retail investors. According to the analyst, they have now bought roughly $135.7 million worth of Bitcoin over the past month alone. 

Source: CryptoQuant

This buying spree aligns with a spike in Bitcoin’s daily active addresses, as shown by Santiment’s data. The number of daily active addresses surged from approximately 49,000 to over 66,000 in a single day, illustrating a significant hike in market activity.

Source: Santiment

From a technical analysis perspective too, Bitcoin’s chart on the 4-hour timeframe showed some promising signs. The appearance of a bullish abandoned baby pattern followed by a bullish engulfing candlestick that closes above its predecessor is a particularly positive bullish signal. 

Source: BTC/USDT, TradingView

These technical patterns align with Woo’s prediction, indicating that Bitcoin might be gearing up for more gains. Notably, one of the catalysts behind BTC’s current bullishness is the release of the latest CPI data which was slightly lower than the expected 0.4%, as previously reported by AMBCrypto.

Next: AVAX’s price can rally to $50 ONLY if these conditions pan out
Tags: BitcoinBTCMeansPredictionPriceRoomRunWillyWoos

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November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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EDITOR'S PICK

DCG launches Fortitude Mining to diversify beyond Bitcoin amid industry challenges

Grayscale launches Bitcoin miners ETF on NYSE

January 30, 2025
Bitcoin ordinals volume jumps while ERC-404 experiment loses steam

Bitcoin ordinals volume jumps while ERC-404 experiment loses steam

March 10, 2024
DEGN launches NFTs linked to 1,690 new ‘physical money’ printers

DEGN launches NFTs linked to 1,690 new ‘physical money’ printers

January 2, 2025
Ethereum long traders trapped: Will ETH decline in Q4 as well?

Ethereum long traders trapped: Will ETH decline in Q4 as well?

October 3, 2024

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