Bitcoin Surpasses $93,000, Analysts Eye $108,000 Target

Bitcoin's price action is currently at a critical point, with key resistance levels of $90,000 and $93,000 having been surpassed, paving the way for higher targets. Analysts like Willy Woo maintain a bullish outlook, with $108,000 as a likely target and an immediate goal of $103,000 in the near term. This raises questions about the optimal time to rethink entry points and adjust risk strategies for portfolios.

Despite the bullish medium-term outlook, there is a sense of caution in the market. According to Woo, Bitcoin’s on-chain VWAP (Volume Weighted Average Price) has pushed into +3 standard deviations, indicating that the price might be overextended. VWAP, which considers the average price and the trading volume behind each price move, suggests that the market could be overbought or oversold when the price deviates significantly from this average. This implies that while there might be some sideways action or a slow and steady upward trend, significant price movements are not expected immediately.

Woo anticipates a few dips as the market cools off but remains optimistic about buying these dips. He views this as a temporary cool-down before the next big push up, with the long-term outlook remaining bullish. Market forces support Woo’s bullish vision, as Bitcoin may be preparing for another attempt to break all-time highs. A breakout around $96,000 could be imminent, with both total capital and speculative flows hitting their bottoms and now heading north. This indicates growing confidence in Bitcoin’s long-term value, as speculative flows are typically driven by short-term gains. When both types of flows bottom out and start heading upwards, it signals a healthy, balanced market ready for sustained growth.

At the time of reporting, overall market sentiment was still in the “greed” phase but had not yet reached “extreme greed.” This suggests that there is still room for Bitcoin to climb without immediately hitting a top. With such a bullish backdrop, all dips remain prime buying opportunities, making the $108,000 target almost inevitable.