Will the Bears or the Bulls Win in Bitcoin? What Will Happen Next in BTC? Willy Woo Reveals His Predictions!

Leading cryptocurrency Bitcoin It has experienced declines in recent days due to sales by the German and US governments and miners.

Last week, the price fell below $59,000 in the bearish wave that began when the German government moved large amounts of BTC to exchanges such as Coinbase and Kraken, and from there it recovered above $61,000.

As investors wait for the recovery to continue, the famous crypto analyst Willy Woo said that the current rally may be temporary and the price is still in control of the bears.

He noted that although the recent Bitcoin price correction has eliminated excessive leverage in the market, there are still a lot of leveraged transactions in the market. Willy Woo says a temporary recovery is imperative before Bitcoin falls further.

Woo stated that the reversal in Bitcoin price is only technical and not fundamental, He emphasized that a break in the RSI trend line would bring a technical recovery/rise.

“It’s good to see over-leverage clearing up in the last few days. But there are still a lot of speculative transactions.

It is still under the control of the bears, but Bitcoin has been so oversold in liquidations that it is really difficult to go further down without going up.

Markets will correct for oversold gains, but that does not mean Bitcoin is guaranteed to experience further gains.

“For the rise to be fundamental and not technical, we need demand to exceed supply (for this to happen, spot buyers need to actively buy BTC from exchanges).”

Finally, Woo added that investors may see a few more weeks of dull BTC price action.

Nice to see some of the speculation getting purged the last few days.

Still a bit heavy, still too much speculation.

Bears still in control, but #Bitcoin got so oversold in the liquidations that it’s really hard to go lower without an uptick. pic.twitter.com/EJeqmaLe0Z

— Willy Woo (@woonomic) June 26, 2024

*This is not investment advice.