According to a prominent market expert on X, the Bitcoin price could be gearing up to make a comeback in the coming days. The latest on-chain signals suggest that the market leader might have hit a price bottom, hinting that a trend reversal could be imminent.
Woo highlighted a couple of on-chain metrics to back this optimistic outlook for the Bitcoin price. Firstly, the analyst mentioned the capital inflow metric, which tracks the amount of money that flows into the flagship cryptocurrency within a given period.
As observed in the chart above, the Bitcoin network recently recorded its “first daily print” of positive inflows after weeks of outflows. According to Woo, this increasing flow into the BTC network is the first sign that the Bitcoin price might have reached a bottom.
Furthermore, Woo highlighted that the Macro Cycle Risk formed a new lower high and has triggered a drop in risk. Typically, a decline in the Macro Cycle Risk indicator suggests that liquidity is returning to the Bitcoin network, which could signal the start of buying pressure for the market leader.
Ultimately, Woo concluded that the Bitcoin price is stabilizing and seems to be forming a bullish structure already. The pundit, however, noted that investors would need to keep buying the dip for the bullish structure to fully form.
As of this writing, the price of BTC stands at around $108,756, reflecting an almost 1% increase in the past 24 hours.
