On-Chain Analyst Willy Woo Says Bitcoin Short Squeeze Now on the Table As BTC Indicators Flip Bullish

In style on-chain analyst Willy Woo says Bitcoin (BTC) may very well be due for a brief squeeze within the close to future.

Woo tells his 1 million Twitter followers that BTC’s fundamentals are choosing up.

“Elementary Power Indicator is now not overheated and beginning to rise (FSI tracks the power of 17 elementary and technical indicators)

If value will get a lot above $25,000, we may very well be in for a brief squeeze.”

Supply: Willy Woo/Twitter

A brief squeeze occurs when massive numbers of merchants who shorted an asset determine to chop their losses in response to an surprising value bump. The squeeze then triggers extra rallies.

Woo notes Bitcoin might be “coming into the re-accumulation part of the cycle,” primarily based on his evaluation of the timing of previous cycles.

Says the analyst about the specter of a recession,

“Not an professional on trad macro, however seems to be like macro liquidity is on the uptick. BTC continues to be linked to this. Proper now anticipating a climb and a lifeless cat if the recession kicks in. Additionally, suppose a de-coupling might occur in future cycles.”

Supply: Willy Woo/Twitter

BTC is price $24,204 at time of writing. The highest-ranked crypto asset by market cap is down 0.27% prior to now 24 hours and practically 1.7% prior to now week.

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