Popular on-chain analyst Willy Woo believes that Bitcoin (BTC) will soon experience an upside boom. Woo has been talking about cryptocurrencies for a long time and his predictions reach a wide audience. Therefore, his comments are noteworthy as they have the potential to influence investor orientation. The analyst says that Bitcoin’s fundamental strength indicator (FSI) gives a signal that the crypto king has almost completed his reaccumulation phase. FSI is a metric created by Woo that tracks the strength of 17 fundamental and technical indicators. Expert Bitcoin commentator Woo said;
First signs that BTC consolidation is nearing completion (FSI chart below). Futures demand is currently driving the market, which is climbing against the sideways price action (this is bullish). Volatility dynamics also point to a larger move likely.
Woo also looks at Bitcoin’s cost basis density map, which tracks the price levels at which buyers typically step in to accumulate BTC. According to the cryptocurrency commentator, the map has multiple key support levels for BTC up to $25,000.
The dense areas on this chart show areas where traders validate the price by purchasing and move on to longer-term self-holding. Below here is a very strong price validation area that acts as price support. Pink bands show past July performances.