While Bitcoin analyst Willy Woo advises caution over the coming months, other crypto analysts are optimistic that Bitcoin has a “high probability of reversal.”
A Bitcoin analyst has warned crypto market participants to tread carefully in the coming months, with more profit-taking expected in the near term.
“Risk is peaking for the first time in this cycle, and there’s a ton of profit in coins that have been selling and plenty more profit-taking to go before we are properly reset,” Bitcoin (BTC) analyst Willy Woo said in a Jan. 10 X post.
He said that although Bitcoin sentiment “seems uber bullish,” market participants should opt for a more “cautious approach” in the coming months. He highlighted his Bitcoin local risk model, which indicates risk levels not seen since January 2023.
