Bitcoin (BTC) Price Prediction: Willy Woo Predicts BTC Will Rally to $118k After Breaking ATH

Bitcoin's rally to $100,000 has prompted a handful of Bitcoin proponents to share their bullish price predictions.

Bitcoin (BTC) has encountered a sluggish start to 2024, largely due to the anticipation of a near-term rally to the $100,000 mark. However, with the big bull finally hitting the triple-digit figure in January and February, it quickly retreated to retest previous support levels.

Nevertheless, the flagship cryptocurrency has managed to sustain momentum above the $100,000 price level since it crossed the threshold on May 8 at $103,969. According to data from CoinMarketCap, Bitcoin has remained above the $100,000 mark for 13 days.

Following a period of consolidation in April, which saw Bitcoin maintain a close trading range between $90,000 and $95,000, a key development unfolded as the largest cryptocurrency by market cap experienced a structural flip.

As shared by analyst Willy Woo on X, this shift occurred due to a substantial increase in capital inflows into Bitcoin.

“Looking at the capital flow trends, BTC is setting up for another attempt at all-time highs. It’s a solid long-term setup.” The analyst stated.

“After hitting new all-time highs, the move to $110,000 will be very fast. Once BTC crosses $110,000, it will take about two weeks to settle around $120,000.” Woo added.

The analyst further elaborated on Bitcoin’s structural transformation in a follow-up post.

“In the latter part of April, we witnessed a structural shift in BTC. After a year of bear market conditions with capital flowing out of Bitcoin, we observed a reversal. Capital began flowing back into Bitcoin in a significant manner.” Woo explained.

“This shift coincided with the final stage of the U.S. banking crisis, which had a substantial impact on capital flows.”