Bitcoin analyst Willy Woo shared macro indicators on Twitter, confirming, in his opinion, the uptrend of the first cryptocurrency in terms of capitalization.
Wu drew the attention of his followers that the results of technical, macroeconomic and network analysis indicate serious pressure that will push the BTC price above $30,000.
Bitcoin Macro Index that Crossed the Lower Boundary Indicates Bitcoin’s ‘Recycle Accumulation’ Phase.
Thus, according to the expert, a fall in the value of BTC will become unlikely, and the price will progressively increase.
Willy Wu argues his forecast by saying that an analysis of the ratio of short-term and long-term holders of bitcoins in favor of the latter indicates optimism among investors and shows that both institutional and retail investors expect further growth in the price of BTC.
At the end of his conclusions, Willy Wu cites data that the Bitcoin price stability indicator has formed a peak on the asset movement chart, and in the near future the cryptocurrency market can expect a breakout above the psychological level of $30,000.
The conclusions are indirectly confirmed by cryptocurrency analyst Ali Martinez..
Based on data from Glassnode and Bitcoin Adjusted SOPR (aSOPR) on-chain metrics, Martinez said that the SOPR indicator, used in analyzing long-term trends in investor behavior, exceeded 1.
Martinez recalls: in 2015, 2019 and 2020, a similar situation led to an increase in BTC by 110%, 150% and 579%, respectively.
Earlier, the CEO of JP Morgan investment bank Jamie Dimon shared his point of view about a possible upward rally in bitcoin..
He is of the opinion that against the background of the banking crisis, the US Federal Reserve will most likely take emergency measures to stimulate the real economy, and this will encourage investors to go for an increase in capital to the crypto market.