{"id":609167,"date":"2024-05-21T20:00:08","date_gmt":"2024-05-21T20:00:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=609167"},"modified":"2024-06-11T11:19:19","modified_gmt":"2024-06-11T11:19:19","slug":"bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000\/","title":{"rendered":"Bitcoin Analyst Says The BTC Leg Up Is Halfway: Next Stop $74,000?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Bitcoin is firm, recently trending above $71,200 and easing past local resistance levels, much to the delight of holders. However, the current leg up is just the beginning for Willy Woo, an on-chain analyst.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Rally Getting Started: Analyst<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Taking to X, Woo, who has been maintaining a bullish outlook for the world&#8217;s most valuable coin, boldly\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/woonomic\/status\/26722103\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">asserts<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that the current Bitcoin rally is only halfway through its welcomed bullish journey.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Sharing a chart, the on-chain analyst notes that the Bitcoin VWAP oscillator just bottomed up from oversold territory and is now at the zero mark, which is midway. Though Woo is upbeat and expecting even more gains, the analyst didn&#8217;t specify when or at what level prices will peak.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-breaks-out-of-bull-flag-pattern-like-signaling-uptrend\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Breaks Out Of Bull Flag Pattern-Like, Signaling Uptrend<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Even so, the analyst explained that a period of consolidation below the all-time high is necessary. Woo says this consolidation might allow users to accumulate before a &#8220;second leg&#8221; propels the Bitcoin to new heights. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Looking at the Bitcoin daily chart, this &#8220;second leg&#8221; is expected to be a breakout moment that will lift the coin above March highs.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/jNFWvG3k\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/jNFWvG3k\/\" alt=\"Bitcoin prices trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin prices trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/jNFWvG3k\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">At press time, Bitcoin is still in a bullish formation. The uptick above $68,000 and last week&#8217;s high were crucial for trend definition. Moreover, since the May 20 breakout bar is wide-ranging and has a high trading volume, the odds of trend continuation are high. If bulls follow through, confirming May 20 gains, BTC will likely break $73,800, aligning with Woo&#8217;s forecast.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">BTC Bull Run To Last 300 Days If There Is No Black Swan Event<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Besides Woo, another analyst\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/AxelAdlerJr\/status\/70205414\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">says<\/span><\/a> <span data-preserver-spaces=\"true\">the<\/span><span data-preserver-spaces=\"true\">\u00a0Bitcoin uptrend is in full swing. Sharing a chart, the trader said that barring any unforeseen disruptions, such as the impact of a\u00a0<\/span><span data-preserver-spaces=\"true\">major<\/span><span data-preserver-spaces=\"true\">\u00a0exchange going bankrupt, it is highly likely that the current bull run will extend for another 300 days.\u00a0<\/span><\/p>\n<figure id=\"attachment_609168\" aria-describedby=\"caption-attachment-609168\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-609168\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/GOFI_7ZX0AA7viJ.jpg?resize=1024%2C576\" alt=\"Bitcoin uptrend is in full swing | Source: @AxelAdlerJr via X\" width=\"1024\" height=\"576\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/GOFI_7ZX0AA7viJ.jpg?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/GOFI_7ZX0AA7viJ.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/GOFI_7ZX0AA7viJ.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/GOFI_7ZX0AA7viJ.jpg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/GOFI_7ZX0AA7viJ.jpg?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/GOFI_7ZX0AA7viJ.jpg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/GOFI_7ZX0AA7viJ.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-609168\" class=\"wp-caption-text\">Bitcoin uptrend is in full swing | Source: @AxelAdlerJr via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">This prediction is based on profit and loss analysis of short-term holders (STHs) with a 90-day moving average. Currently, the STH is moving lower but is relatively higher. Analysts use the STH to determine market sentiment from short-term price movements and trader speculations.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-up-20-today\/\" target=\"_blank\" rel=\"noopener \">Why Is The Ethereum Price Up 20% Today?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">As sentiment improves and prices recover, the pace at which the coin edges higher will depend on external factors. Besides the impact of the United States Federal Reserve and their <a href=\"https:\/\/uniquehot.com\/news\/company\/cryptos-losing-value-due-to-rising-interest-rates-these-altcoins-remain-unaffected\/\" target=\"_blank\" rel=\"noopener \">monetary policy declaration<\/a>, inflow to spot Bitcoin exchange-traded funds (ETFs) will be crucial. After a lull, demand is picking up, helping to propel bulls.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is firm, recently trending above $71,200 and easing past local resistance levels, much to the delight of holders. However, the current leg up is just the beginning for Willy Woo, an on-chain analyst. Bitcoin Rally Getting Started: Analyst Taking to X, Woo, who has been maintaining a bullish outlook for the world&#8217;s most valuable coin, boldly\u00a0asserts\u00a0that the current Bitcoin rally is only halfway through its welcomed bullish journey.\u00a0 Sharing a chart, the on-chain analyst notes that the Bitcoin VWAP oscillator just bottomed up from oversold territory and is now at the zero mark, which is midway. Though Woo is upbeat and expecting even more gains, the analyst didn&#8217;t specify when or at what level prices will peak. Related Reading: Shiba Inu Breaks Out Of Bull Flag Pattern-Like, Signaling Uptrend Even so, the analyst explained that a period of consolidation below the all-time high is necessary. Woo says this consolidation might allow users to accumulate before a &#8220;second leg&#8221; propels the Bitcoin to new heights. Looking at the Bitcoin daily chart, this &#8220;second leg&#8221; is expected to be a breakout moment that will lift the coin above March highs. At press time, Bitcoin is still in a bullish formation. The uptick above $68,000 and last week&#8217;s high were crucial for trend definition. Moreover, since the May 20 breakout bar is wide-ranging and has a high trading volume, the odds of trend continuation are high. If bulls follow through, confirming May 20 gains, BTC will likely break $73,800, aligning with Woo&#8217;s forecast. BTC Bull Run To Last 300 Days If There Is No Black Swan Event Besides Woo, another analyst\u00a0says the\u00a0Bitcoin uptrend is in full swing. Sharing a chart, the trader said that barring any unforeseen disruptions, such as the impact of a\u00a0major\u00a0exchange going bankrupt, it is highly likely that the current bull run will extend for another 300 days.\u00a0 This prediction is based on profit and loss analysis of short-term holders (STHs) with a 90-day moving average. Currently, the STH is moving lower but is relatively higher. Analysts use the STH to determine market sentiment from short-term price movements and trader speculations. Related Reading: Why Is The Ethereum Price Up 20% Today? As sentiment improves and prices recover, the pace at which the coin edges higher will depend on external factors. Besides the impact of the United States Federal Reserve and their monetary policy declaration, inflow to spot Bitcoin exchange-traded funds (ETFs) will be crucial. After a lull, demand is picking up, helping to propel bulls. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":608317,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,14618,679,1119,1122,78790,89583],"class_list":["post-609167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bulls","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\n<title>Bitcoin Analyst Says The BTC Leg Up Is Halfway: Next Stop $74,000?<\/title>\n<meta name=\"description\" content=\"Bitcoin is flying at spot rates. According to Willy Woo, the leg up could just be getting started. 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BTC will likely break $73,800\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-21T20:00:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T11:19:19+00:00\" \/>\n<meta name=\"author\" content=\"Dalmas Ngetich\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/DALL\u00b7E-2024-05-16-08.40.33-A-digital-illustration-of-a-Bitcoin-next-to-a-rocket-soaring-into-the-sky-symbolizing-growth-and-ascent.-The-Bitcoin-should-be-depicted-as-a-large-s.png?fit=1792%2C1024\" \/>\n<meta name=\"twitter:creator\" content=\"@Dalmas_Ngetich\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dalmas Ngetich\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000\/\"},\"author\":{\"name\":\"Dalmas Ngetich\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/08a2c46e8c02b51b9464d6e0bf2b1586\"},\"headline\":\"Bitcoin Analyst Says The BTC Leg Up Is Halfway: Next Stop $74,000?\",\"datePublished\":\"2024-05-21T20:00:08+00:00\",\"dateModified\":\"2024-06-11T11:19:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000\/\"},\"wordCount\":472,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/DALL\u00b7E-2024-05-16-08.40.33-A-digital-illustration-of-a-Bitcoin-next-to-a-rocket-soaring-into-the-sky-symbolizing-growth-and-ascent.-The-Bitcoin-should-be-depicted-as-a-large-s.png?fit=1792%2C1024\",\"keywords\":[\"bitcoin\",\"bitcoin bulls\",\"bitcoin price\",\"btc\",\"btc price\",\"BTCUSDT\",\"spot Bitcoin ETFs\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000\/\",\"url\":\"https:\/\/uniquehot.com\/news\/bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000\/\",\"name\":\"Bitcoin Analyst Says The BTC Leg Up Is Halfway: Next Stop $74,000?\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin-analyst-says-the-btc-leg-up-is-halfway-next-stop-74000\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/DALL\u00b7E-2024-05-16-08.40.33-A-digital-illustration-of-a-Bitcoin-next-to-a-rocket-soaring-into-the-sky-symbolizing-growth-and-ascent.-The-Bitcoin-should-be-depicted-as-a-large-s.png?fit=1792%2C1024\",\"datePublished\":\"2024-05-21T20:00:08+00:00\",\"dateModified\":\"2024-06-11T11:19:19+00:00\",\"description\":\"Bitcoin is flying at spot rates. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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