Widely-followed on-chain analyst Willy Woo believes that Bitcoin (BTC) is almost ready for a burst to the upside.
Woo tells his one million Twitter followers that Bitcoin’s fundamental strength indicator (FSI) is flashing a signal suggesting the crypto king is almost done with its re-accumulation phase.
The FSI is a metric created by Woo that tracks the strength of 17 fundamental and technical indicators.
says Woo,
“First signs that BTC consolidation is nearing completion (FSI chart below).
Demand for futures is currently moving the market, this demand has risen against sideways price action (this is bullish).
Volatility dynamics also signaling a larger move is likely.”
Woo also looks at Bitcoin’s cost base density map, which monitors the price levels where buyers typically step in to accumulate BTC. According to a chart shared by the on-chain analyst, the chart shows BTC has multiple levels of support all the way up to $25,000.
“Dense areas on this chart indicate areas where investors are validating price by buying and moving into longer-term self-custody. There is a very strong area of price validation below that acts as price support.
Pink bands give historic performances in July.”
At the time of writing, Bitcoin is trading at $29,919.
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Image generated: Midway through the journey