Bitcoin (BTC) Floor at $46K? Willy Woo Says Macro Risks Could Push It Lower

Over the past week, Bitcoin’s price action has remained weak, with repeated failures to reclaim levels above $70,000, leaving the asset consolidating between $66,000 and $68,000. The asset posted a slight uptick of 2% on Monday, as it traded above $67,700.

Key takeaways

Quick scan — what you need to know:

• Over the past week, Bitcoin’s price action has remained weak, with repeated failures to reclaim levels above $70,000, leaving the asset consolidating between $66,000 and $68,000.
• The asset posted a slight uptick of 2% on Monday, as it traded above $67,700.
• Analysts warn that geopolitical uncertainty is weakening bullish setups, thereby reducing confidence in any upside despite the emergence of short-term price recovery signals.
• Capital Is Leaving Bitcoin On-chain analyst Willy Woo said that according to legacy valuation models, Bitcoin could bottom between $46,000 and $54,000, while also indicating a potentially extended…

Background

What led here, in plain terms:

• In his latest tweet, Woo said that capital held in BTC has been trending downward since November, which points to steady outflows.
• The analyst also highlighted that the CVDD Floor model, currently near $45,500, continues to rise, providing support.
• However, he warned that such models are based on historical patterns derived from just four prior bear markets, all of which occurred during a broader “secular” uptrend in global risk…
• If that macro backdrop weakens or breaks down, Woo warned that the leading crypto asset could enter uncharted territory, which could end up increasing the chances of a deeper and longer bear market.

Why it matters

Why readers and decision-makers should care:

• In a separate statement, he placed a likely bottom between $35,000 and $45,000.
• The post Bitcoin (BTC) Floor at $46K?
• Willy Woo Says Macro Risks Could Push It Lower appeared first on CryptoPotato.