Bitcoin Price Analysis: On-Chain Expert Anticipates Bullish Move as BTC Nears Consolidation Completion

Renowned On-Chain Analyst, Willy Woo, Predicts Bitcoin (BTC) is Poised for an Impending Upsurge

In a significant update to his one million Twitter followers, renowned analyst Willy Woo indicates that Bitcoin's fundamental strength indicator (FSI) is pointing to the nearing conclusion of its re-accumulation phase, suggesting a potential upward surge for the leading cryptocurrency.

Woo's FSI is a comprehensive metric he developed, incorporating 17 fundamental and technical indicators to assess Bitcoin's strength and market conditions.

According to Woo's analysis, "Early signs that BTC consolidation is nearing completion (FSI chart below). Futures demand is currently driving market movement, and this demand has been steadily rising amid sideways price action, which is considered a bullish signal. Additionally, volatility dynamics are also hinting at the likelihood of a significant price move."

This analysis underscores the growing optimism among traders and investors regarding Bitcoin's price outlook as it approaches a potentially crucial turning point.

Alongside his analysis, Willy Woo examines Bitcoin's cost basis density map, a valuable tool that identifies price levels where buyers tend to accumulate BTC. The chart, which the esteemed on-chain analyst shared, reveals numerous levels of support for BTC, extending down to $25,000.

Woo explains, "Dense areas on this chart signify regions where investors are actively confirming the price by purchasing and holding for the long term. These areas provide robust price support, indicating strong validation from the market participants."

The presence of pink bands on the map indicates historical July performances, providing additional insights for traders and investors as they assess Bitcoin's price movements. These valuable indicators contribute to a comprehensive understanding of the current market conditions and further bolster confidence in potential price support levels.

As of the time of writing, the current trading price of Bitcoin stands at $29,919.

Jul 23, 2023