Bitcoin's Price Surge and Impending Crash: Analysts Weigh In.
On-chain analyst Willy Woo predicts that Bitcoin could surge more than 30% from its current value of $30,555 before becoming overbought, with a potential extension of its current rally to cross the $40,000 level. Woo believes that Bitcoin's latest surge was driven by veteran traders accumulating BTC when its price dipped to about $25,000 last week. He also suggests that the Bitcoin market is experiencing a short squeeze, with traders betting big on Bitcoin as they believe that the US dollar index (DXY) is on the verge of a downtrend.