Bitcoin Nears Breakout: Analyst Predicts New ATH on the Horizon

Bitcoin (BTC) may be heading toward a new all-time high, according to analyst Willy Woo. Woo points to increasing capital inflows into the Bitcoin network as a sign of growing interest.

He suggests that the current sideways trading phase is creating an accumulation zone, which could eventually lead to new highs if the inflows continue.

Capital Inflows and Network Activity

Rising capital inflows reflect growing demand for Bitcoin. This increased demand could push Bitcoin past key resistance levels, potentially driving the price to new all-time highs. The upward trend is confirmed by higher highs and lower lows on the price chart.

Support Levels and Key Resistance

Bitcoin’s support levels near $98,000 and $92,000 provide solid foundations. The breakout from the long-term descending trendline around $100,000 has confirmed bullish momentum.

The psychological $110,000 mark is an important short-term level to watch, as it could serve as a springboard for further gains.

Outlook

For Bitcoin to reach new highs, it needs to maintain strong capital inflows and hold current support levels. If the inflows slow down or support levels fail, the uptrend could stall.

However, Woo’s analysis suggests that Bitcoin’s future remains bright, with the potential for a new all-time high if the bullish structure holds.