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3 reasons why Bitcoin can suddenly explode to a new $50K-$65K range

Published 08/03/2021, 10:20 AM
Updated 08/03/2021, 10:20 PM
3 reasons why Bitcoin can suddenly explode to a new $50K-$65K range
BTC/USD
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BTC/USD
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A combination of multiple indicators tracking Bitcoin (BTC) blockchain would continue the benchmark cryptocurrency's price rally further into 2021, popular on-chain analyst Willy Woo anticipates.

In his recent newsletter, the market researcher wrote that he expects Bitcoin prices to reach the $50,000-$65,000 range in the coming sessions. His comments appeared as BTC/USD reclaimed its three-month high above $42,600 only days after crashing below $30,000, the pair's psychological support level.

Bitcoin is rangebound between $30,000 and $40,000 since May 2021. Source: TradingView.com
Bitcoin liquid supply shock oscillator. Source: Willy Woo
Bitcoin hash ribbon vs. BTCUSD price action. Source: Willy Woo
Whale-led Bitcoin buying typically follows up with large price spikes. Source: Willy Woo

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