On-Chain Analyst Willy Woo Thinks Bitcoin (BTC) Has Already Cleared Its Lows

Woo tells his 1.1 million followers on the social media platform X that short-term technical indicators point to a BTC price reversal.

Prominent on-chain analyst Willy Woo believes that there is a “good chance” that Bitcoin (BTC) has already reached its lows.

Woo shared his thoughts with his 1.1 million followers on social media platform X, stating that short-term technicals are indicating a reversal for BTC price.

“2 hours away from a TD9 reversal on daily candles. If this plays out, then we go into a hidden bullish divergence to correct for the overselling of the market.

After that, BTC is not out of the woods, we just need to see how much speculation got cleared out of the system. Without purging futures open interest the system is not ready to move up.”

A TD9 reversal is a signal from the Tom DeMark (TD) Sequential Indicator, which is used by traders to predict potential trend reversals in tokens based on the closing prices of their 13 previous bars or candles.

When the TD Sequential records nine consecutive candles above the closure of the four prior candles, it prints a TD9 signal.

Woo also noted that the next layer of liquidations for Bitcoin is at $54,000.

“And to do that, it’s so far below short-term holders price that it would tip BTC into a bearish phase (STH price is a line in the sand between bull and bear regimes). This is hard to do within the macro structure.”

BTC's price action is currently showing a 1.18% decrease over the last 24 hours, trading at $60,885 at the time of writing. However, the top-ranked crypto asset by market cap has gained over 13% in the past 30 days.

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