According to on-chain analyst Willy Woo, Bitcoin is preparing for explosive rallies as FOMO outweighs fear
A widely followed on-chain analyst believes Bitcoin (BTC) is just taking a breather before hitting new all-time highs.
Analyst Willy Woo shares with his 1 million followers on the social media platform
According to Woo, Bitcoin is currently consolidating near record prices and preparing for the next uptrend.
“This is a Bitcoin long-term frame risk signal that I have been working on.
Scale in when risk is low and scale out when risk is high.
It says, “Enjoy the decline while this consolidation lasts.”
This is not the peak, it is simply an ATH (all-time high) consolidation.”
Source: Willy Woo/X
Woo narrows it down, saying that Bitcoin often experiences parabolic rallies during bull markets because market participants are driven by fear of missing out (FOMO), along with investors' tendency to hold on to their BTC stacks.
“The native language of markets is the chart, and it is clear what the chart says.
Do you see it?
TradFi (Traditional Finance) – “Fear is greater than greed.”
Bitcoin – “FOMO is bigger than fear.”
In TradFi, bear markets are steep and people are panicking.
Bitcoin bull markets are steep, FOMO people.
In my opinion, Bitcoin FOMO drives marketing in bull markets, then education takes over and the sell-off is very muted. Hodling (holding on for dear life) becomes a behavior.”
Source: Willy Woo/X
At the time of writing, Bitcoin is trading at $65,909, down over 1% in the last 24 hours.
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