Bitcoin On-Chain Fundamentals Are Still Decisively in “Bullish Mode”


Bitcoin has undergone a strong rally over the past few weeks. The coin has rallied from the $9,800 lows in early September to $11,400 now. Bitcoin may retrace in the near term, analysts say, as it faces down increased selling pressure. Despite these short-term bearish signs, the long-term trend remains bullish. Noted on-chain analyst Willy Woo says that Bitcoin’s long-term trend is still decisively positive despite short-term downside risks. What’s Next for Bitcoin? Leading on-chain analyst Willy Woo thinks that Bitcoin will drop towards the CME gap in the low-$11,000s in the near future. The analyst noted that the cryptocurrency has a number of bearish factors that suggest it will drop toward that level: “This is short term technical analysis instead of my normal fundamentals; be warned short term analysis is much lower reliability, more for casino players. SUMMARY: I suspect the last CME gap (what’s left of it in…

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