Leading cryptocurrency Bitcoin (BTC) started the new week, in which critical economic data from the USA will be announced, with an increase.
Bitcoin, which rose above $94,000 again, approached $95,000.
Although this rise in BTC is welcomed, investors are still cautious. However, experienced analyst Willy Woo shared an optimistic outlook in his analysis and noted that there has been a significant change in market sentiment.
Woo said that Bitcoin is on the rise as new targets emerge.
Willy Woo noted that Bitcoin’s fundamentals have shifted to the bullish side, setting the stage for a possible breakout to new all-time highs.
The analyst stated that capital flows into the network increased as both total and speculative flows bottomed, and that this situation created a bullish environment supported by strong fundamentals.
“Capital flows into the network are increasing. Both total and speculative flows have bottomed out, and when combined, they create a fundamentals-based bull market environment. In this environment, pullbacks to the downside will remain limited.”
Woo also made a statement about the price target, stating that BTC has already reached the medium-term targets of $90,000 and $93,000, and that BTC’s new target is $103,000.
At this point, the analyst noted that the target of $108,000 remains active and a new intermediate target has emerged at $103,000.
“Our medium-term targets of $90,000 and $93,000 have been exceeded. The $108,000 target is still active, but $103,000 is now emerging as a new intermediate target.”
Willy Woo added that given the current conditions, all dips should be viewed as buying opportunities, but declines are likely in the very short term.
*This is not investment advice.