Crypto Assets analyst Willy Woo said in a post on X: "If you want to understand what's happening, look at the BTC reserves of the exchange, it's a supply shock. I don't know who's buying, but short-term traders are selling Holdings to BTC buyers."

Will the bullish BTC indicator that caused the reversal return and possibly reach $70,000? Chief Cryptocurrency analyst Jamie Coutts highlighted an indicator that paints a bullish outlook for BTC (BTC). Based on this indicator, the Cryptocurrency analyst believes that the flagship Cryptocurrency may have experienced a reversal. Coutts mentioned in a previous Twitter post that the decline in BTC's Hash Rate is slowing down, which typically signals a bottom reversal of the bearish cross that occurs after the Halving event. However, he warned that the bullish reversal still depends on the stability of the downward trend. The Cryptocurrency analyst further pointed out that the percentage difference between the 30-day and 90-day moving averages is consistent with the previous Hash Rate contraction, but not as severe as after the Halving in 2020. The slowdown in BTC Hash Rate decline is significant because it indicates that Miner capitulation may soon come to an end. Cryptocurrency expert Willy Woo previously mentioned that when "weak Miner dies, Hash Rate recovers", the market will rebound. He further explained that inefficient Miners will have to go bankrupt, while other Miners will be forced to purchase more efficient hardware. CEO Ki Young Ju provides insights on when this Capitulation of Miners will end. He states that this Capitulation typically ends when the daily mining value reaches 40% of the annual mining value. The founder of Crypto further reveals that the current ratio is 72%, indicating that Miners may still need some time to cool down and sell off their reserves. Ki Young Ju told market participants that the Cryptocurrency market is expected to remain flat in the next two to three months. He urged them to remain bullish in the long term, but to avoid excessive risks. Analysts such as Mikybull Crypto also ensure a positive long-term outlook for BTC, as the flagship Cryptocurrency is far from reaching its Bull Market peak. Coutts also mentioned that the market is still recovering from oversupply. This is related to the selling pressure on BTC, as the German government has sold nearly 50,000 BTC to the market. Therefore, it may take some time for the market to absorb this BTC supply. While this selling pressure has had a negative impact on the market, Coutts argues that the sale by the German government and the distribution of Mt. Gox reserves can help alleviate the 'frustrating supply overhang.' The analyst points out that this will be achieved by distributing these tokens to a wider range of holders, which in turn will expand the BTC network and make the flagship cryptocurrency better than before. According to the data, the trading price of BTC is about $62,441, which has pumped more than 5.22% in the past 24 hours. (Data Source: Scott Matherson)

According to analyst Willy Woo, based on the historical adoption curve of Bitcoin, he explained when Bitcoin can develop to a level comparable to the US dollar (USD). Woo stated that the financial industry now sees Bitcoin as a rapidly rising asset class. However, the current total market capitalization of this currency is only about $1.2 trillion, while analysts point out that the value of asset classes is usually in the trillions of dollars. Woo believes that this expectation for BTC means that the financial industry believes in three things: BTC will grow at least tenfold from now on (breaking through the $10 trillion market cap barrier), will be on par with the US dollar in terms of scale, and will become a reserve asset. Woo refers to the 'adoption' curve of cryptocurrency, from the chart, it can be seen that, according to the analyst's model estimate, the number of Bitcoin users currently accounts for about 4.7% of the world's population. If the S-curve of the Internet continues, BTC may still be in the early stages. Assuming this is indeed the case, the number of users of this token will accelerate from now on. Woo believes that this could happen in the 2030s when the curve enters the 25% to 40% range.

Cryptocurrency analysts believe that the next highest price of Bitcoin could be $89,200 According to the on-chain indicator, an analyst explained where the next potential local high for Bitcoin could be at $89,200. In a new post on X, analyst Ali Martinez discussed where the next peak of BTC could be based on Cumulative Value Days Destroyed (CVDD). CVDD is an on-chain indicator derived from Coin Days Destroyed (CDD). "Coin day" refers to the amount accumulated by 1 BTC after being idle on the blockchain for 1 day. When a coin that has accumulated a certain number of coin days moves on the network, the carried coin days will naturally reset to zero, which is called "destruction". CDD measures the coin-days destroyed for the entire market on a certain day. Since each transaction also has a certain dollar value based on the price at the time, CVDD adds another layer of context to CDD by calculating the dollar value of each coin, breaking the dormant state to destroy its coin-days. Unlike CDD which only tracks the number of days tokens are destroyed, CVDD is the cumulative sum of asset history. More formally, CVDD is calculated by dividing the cumulative sum of value-time destroyed on the network by the age of the cryptocurrency. Analyst Willy Woo designed the original CVDD, which has proven to be very accurate in determining historical bottoms of asset prices. However, in the context of the current theme, the modified version of 'Assessing Tops' by author Binh Dang makes a lot of sense. The indicator combines the 50-day moving average (MA) of the bitcoin spot price with CVDD to assess potential top points of the asset, as its name suggests. Now, here is a chart showing how the value of Bitcoin evaluation tops has recently changed. From the chart, it can be seen that the spot price of Bitcoin briefly surpassed the evaluation top in March. When the asset exceeds this indicator, its price tends to overheat and form a top easily. It seems that this trend has also been maintained in the recent breakthrough, as the asset reached its peak shortly after the breakthrough. The current value of the Bitcoin assessment top indicator is $89,200. Although it may not necessarily form a top if Bitcoin rises to this level, according to this indicator, the peak value may at least be close when Bitcoin rises to this level. The current trading price of Bitcoin is about $69,300, which has fallen by more than 1% in the past week. (Data Source: Keshav Verma)

Data: Bitcoin breaking $72,000 will result in $800 million shorts being closed. Cryptocurrency analyst Willy Woo stated that if Bitcoin breaks through $72,000, it will trigger a large-scale close position wave, paving the way for a new historical high. He posted on the X platform, "Reaching $72,000 is the trigger for a series of liquidations. A large number of short positions may be closed at any time, and Bitcoin could reach as high as $75,000, setting a new all-time high." According to CoinGlass data, if the price of Bitcoin breaks through $72,000, leverage short positions accumulated by all exchanges will close $800 million.

Odaily Planet Daily News According to cryptocurrency analyst Willy Woo, if Bitcoin breaks through $72,000, it will trigger a large-scale close position wave, paving the way for a new historical high. He posted on X platform, saying, 'Reaching $72,000 is the trigger for a series of liquidations. A large number of short positions could be closed at any time, and Bitcoin could reach a peak of $75,000, hitting a new all-time high.' According to CoinGlass data, if the price of Bitcoin breaks through $72,000, the accumulated leveraged short positions of all exchanges will close $800 million. (Cointelegraph)

Analysts say Bitcoin breaking through its all-time high is "just a matter of time". In a recent article by analyst Willy Woo, the recent trends in Bitcoin inventory on centralized trading platforms were analyzed. Figure 1 shows the changes in spot and paper BTC reserves over the past few years. In the past few months, the amount of Bitcoin in spot wallets has been decreasing. Currently, the total amount of Bitcoin held in centralized entities has dropped to only 2.3 million coins. It is evident that the sum of spot and "paper" BTC (highlighted in purple) is also decreasing. Here, "paper" BTC refers to derivative products related to cryptocurrencies that investors do not actually need to own. Therefore, given that the total inventory of cryptocurrency exchanges has decreased, it appears that the decline in spot BTC is not due to the replacement of paper BTC. Generally speaking, the supply of exchanges is considered as part of the supply of Bitcoin and is available for trading. Therefore, the reduction in available supply may be a positive signal for cryptocurrencies due to the way supply and demand dynamics work. From the chart, it can be seen that the decline in exchange inventory occurred during a period of distress after the cryptocurrency price reached an all-time high (ATH). As Woo pointed out, when everyone was panicking because the price of Bitcoin had not risen in the past two months, available BTC was quietly being bought up, and importantly, there was no physical BTC being printed to replace it. Therefore, during such a period, a decrease in available supply may be a favourable signal for Bitcoin. "BTC breaking through its historical high is only a matter of time," the analyst said. In another X post, Woo also discussed how the capital inflow of Bitcoin has just started to recover after a sharp decline earlier. The network inflow surged to its historical high, but they observed a significant slowdown in subsequent consolidation. The inflows of spot exchange-traded funds (ETFs), highlighted in light green, have also disappeared earlier, but now they are following these new ones. Bitcoin had previously rebounded to a high of $71,000, but in the past few days, it seems to have declined and is currently below $68,000. (Data source: Keshav Verma)

Has Bitcoin hit bottom? Buying sentiment fades as it drops to $60,000. Since hitting an all-time high in March, Bitcoin has been on a decline. This has largely led to buying sentiment among cryptocurrency traders on dips, with many believing that once the adjustment is over, Bitcoin will soar to new highs again. According to the data from the cryptocurrency analysis platform, as the price of Bitcoin hovers around $60,000, the excitement of buying "cheap" Bitcoin seems to be waning. As the data platform points out, this weakening of the "buy the dips" mentality may actually be a signal that Bitcoin is approaching its bottom. On Friday, Bitcoin plummeted from $63,000 to $60,000, continuing its range-bound trading over the past few weeks. As indicated by the data platform, traders' enthusiasm for buying the dips has been decreasing based on social media interactions. Although this may cause some investors to worry, the unique price trend of Bitcoin over the years has prompted Santiment to point out that this is often a good sign that the bottom is approaching. To further explain this point, when Bitcoin experiences a big dump from its historical high, the sentiment tends to become very negative. However, historically, the moment when the "buy the dips" sentiment on social media starts to fade often indicates that the bottom is closer than most people imagine. "The remarks of '逢低买入' gradually fading away indicate that the weak and fearful bears have sold off and the bulls are starting to position themselves." Unfortunately, it is not possible to determine whether the price has bottomed out until after the fact. However, the key support level on the Bitcoin chart has not been broken, and the fundamentals have not changed. If Bitcoin continues to stay above $60,000, this may indicate that the bottom has arrived. Meanwhile, the bullish spot Bitcoin ETF is still driving the mainstream adoption rate higher, which means that cryptocurrencies may soon reverse to a fully bullish trend. Other key factors also indicate that Bitcoin is approaching the bottom. As pointed out by cryptocurrency analyst Willy Woo, Bitcoin's risk signals have recently reached a lower high, a pattern that often paves the way for a bullish trend. The current Bitcoin trading price is $61,000, which has dropped 4.2% in the past 7 days. Although Bitcoin may have formed a bottom, this calm trend may continue for the next few months until the halving supply shortage affects its price. It is worth noting that some new whale addresses are quietly accumulating Bitcoin. On-chain data from Whale Alerts shows that recently, 1,999 BTC has been transferred to new private addresses. (DataSource: Scott Matherson)