Widely followed on-chain analyst Willy Woo believes that Bitcoin (BTC) is almost ready for a bullish burst.
Woo tells his 1 million followers on Twitter that Bitcoin’s Fundamental Strength Indicator (FSI) is showing a signal that suggests the king of cryptocurrencies is almost done with its reaccumulation phase.
The FSI is a metric created by Woo that tracks the strength of 17 fundamental and technical indicators.
“Early signs that the BTC consolidation is nearing completion (FSI chart below).
Futures demand is currently moving the market, this demand has been rising against the sideways price action (this is bullish).
The volatility dynamics also indicate that a larger move is likely.”
Woo is also looking at Bitcoin’s cost base density map, which monitors the price levels at which buyers typically step in to accumulate BTC. According to a chart shared by the on-chain analyst, the map shows that BTC has multiple support levels up to $25,000.
“The dense areas on this chart indicate areas where investors are validating the price by buying and moving to longer-term self-custody. There is a very strong area of price validation below here, which acts as price support.
Pink Bands Show Historic July Performances.”
At the time of writing, Bitcoin is trading at $29,919.
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