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Analyst: Bitcoin's five major macro signals bullish factors outweigh bearish factors

Analyst: Bitcoin's five major macro signals bullish factors outweigh bearish factors

CointimeCointime2024/07/23 05:25
By:Cointime

On July 23, cryptocurrency analyst Willy Woo shared the five macro signals for Bitcoin that he is closely following, with three bullish signals and two bearish signals.

Bullish signals:

The miner capitulation period has ended, which is one of the most reliable indicators of a bull market;

Hash rate is recovering, with price and hash rate bottoming out in sync with the upgrade of new generation hardware;

Global liquidity is starting to expand, which is favorable for traditional finance to purchase risk assets such as Bitcoin.

Bearish signals:

The amount of coins on spot exchanges is increasing, including 50,000 BTC transferred from Mt. Gox to Kraken;

The Ethereum spot ETF is about to be launched, which may cause some funds to shift from Bitcoin ETF;

Woo believes that overall, the bullish factors outweigh the bearish factors. He pointed out that in the short term, Bitcoin only needs to break through $73,000 to trigger a short squeeze, pushing the price to $77,000, and then enter the price discovery phase.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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