Cryptocurrency analyst Willy Woo suggested on Saturday that Bitcoin’s (CRYPTO: BTC) underlying bullish structure is strong despite its bearish chart appearance.
Analyst Optimistic Despite Bearish-Looking Chart
Woo took to X to share their analysis of Bitcoin’s current market situation.
“BTC’s chart looks bearish, but behind the scenes, risk is dropping. i.e. Investor Liquidity Is Strong,” Woo stated.
They added that the underlying bullish structure, though fragile in recent months, remains “intact” and locally strong.
BTC Remains ‘Locally Strong’
When asked about their recent interview remark that liquidity had been exiting in recent months, Woo clarified that the context there was about the “full cycle.”
“Locally strong. It has been falling away since the start of this year. Local areas of strength often lead to new highs under late phase momentum,” the analyst said.
See Also: Robert Kiyosaki Suggests Bitcoin, Ethereum As Safe Havens Ahead Of Anticipated Market Crash: ‘Millions Will Be Wiped Out, Protect Yourself’
Woo, one of the well-known Bitcoin advocates, made headlines earlier this year when they disclosed selling all their BTC. They emphasized the importance of periodic selling by whales to reduce supply centralization.
BTC Struggles Amid Weak Capital Inflows
Woo’s analysis comes amid significant downsides for the apex cryptocurrency. BTC lost over 6% in the last week, and 11% over the month.
U.S. spot Bitcoin exchange-traded funds saw outflows of $488 million and $191 million on Thursday and Friday, respectively, indicating that capital is moving away from traditional Bitcoin-related financial instruments.
Widely followed cryptocurrency analyst and trader Ali Martinez, meanwhile, spotted a broadening top pattern on BTC’s chart, predicting a move toward new highs followed by a “brutal reversal.”
Price Action: At the time of writing, BTC was exchanging hands at $107,965.48, down 2.41% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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