However, technical analyst and trader Willy Woo does not believe that the flagship cryptocurrency’s immediate future is quite so rosy.
Woo, on the other hand, cited several proprietary technical indicators that paint a somewhat darker picture, at least in the near-term.
Moreover, he said that Bitcoin Network Momentum (BNM) has yet to ramp up, which one would expect to see ahead of a bull cycle.
The cryptocurrency will break above its 200-Day Moving Average (DMA) since these moves have historically signified a shift from bear market to bull.
As of the time of writing, bitcoin was priced at $6,307 on Coinbase, up from an intraday low of $6,252. The overall cryptocurrency market, meanwhile, had a cumulative valuation of $212 billion
