Bitcoin Breaks $95K, Heading Towards $108K? Here's What analyst Willy Woo Thinks
Bitcoin primed to reach $107K for these three reasons!
'Yo, let's talk Bitcoin! At the moment, BTC's trading above the short-term resistances at $93.1k and $95.3k, with the latter being the short-term holder realized price.
Analyst Willy Woo's got a bullish vibe, expecting a move to $108k next. Some liquidation heatmaps agree, projecting a $107k target. This all points to a market that's recovering after a recent bearish reset.
Bitcoin survived the market drawdown, holders cashing in
Source: Glassnode
A Glassnode Insights post highlighted the MVRV Bands at the 1.74-level as a critical support level. During the August 2024 yen carry trade unwind, BTC's drawdown halted at this level. And guess what? It bounced off that level after testing it on 8 April, hitting 2.14 right now.
Similarly, the percent supply in profit oscillator bounced from its long-term mean at 74.8%. The past two weeks' bounce indicates a continuation of the August-September 2024 trend. Right now, the 7DMA is at 87%, showing bullish investor expectations.
The 6-month liquidation heatmap shows that liquidity clusters to the south are scarce, with minor levels at $83k and $74.1k. To the north, $100k, $106.8k, and $110.2k seem to be the next significant magnets. The $96.6k cluster has already been swept up as the price broke out of a short-term range formation.
Keep in mind, this breakout coincided with high trading volume, possibly setting up a retest at $95.4k for swing traders looking to buy. If the on-chain indicators are correct, and the market reset is indeed over, get ready for a Bitcoin surge beyond $100k in the coming days!
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Enrichment Data:
Overall: Bitcoin's near-term price targets are primarily shaped by three key analytical perspectives: Willy Woo's forecasts, liquidation heatmap data, and on-chain metrics. Here's the rundown:
Key Price Targets:
- $100,000–$110,000: Immediate bullish targets identified via liquidation heatmaps, with $106.8K–$110.2K as notable zones for potential volatility due to accumulated leverage positions[1][2].
- $108,000: Woo’s specific prediction, emphasizing less resistance and a liquidity vacuum as Bitcoin breaks above $95,300[2][5].
- $113,800: A longer-term technical target cited by analysts (other than Woo directly) if Bitcoin maintains above $95,500, though Woo’s focus remains on liquidity-driven moves toward $107K–$108K[5].
- Analyst Willy Woo anticipates a move towards $108,000 for Bitcoin, citing less resistance and a potential liquidity vacuum as it breaks above $95,300.
- A $107,000 target is projected by some liquidation heatmaps, indicating a possible surge due to accumulated leverage positions.
- The 6-month liquidation heatmap suggests scarce liquidity clusters to the south, with significant magnets at $100,000, $106.8k, and $110.2k.
- On-chain metrics, such as the MVRV Bands at the 1.74-level, have shown to be critical supports for Bitcoin, as illustrated by major bounces after testing them.
- The percent supply in profit oscillator bounced from its long-term mean at 74.8%, indicating a continuation of the August-September trend and current bullish investor expectations at 87%.
- Even though the price targets are influenced by various analytical perspectives like Woo's forecasts, liquidation heatmap data, and on-chain metrics, the focus of analysts, including Willy Woo, remains on liquidity-driven moves towards $107K–$108K.
