BTC could break out above $110K and eye $150K before the end of the year. August could spark volatility, but cycle peak indicators suggested the market is far from being overheated. 

Bitcoin [BTC] still has more fuel to run on, and a breakout to a new record high could be likely, according to analyst Willy Woo. 

He noted that an increasingly favorable liquidity set-up and low macro risk could fuel BTC growth, similar to the uptrend seen in 2017, 2021, and early 2024. 

“It models BTC’s liquidity, we’re late cycle. Dips in risk are areas of new found liquidity, often a prelude to break new highs. It’s dipping right now!”

The above indicator tracks macro risk linked to on-chain liquidity. The lower the readings, the more likely the growth is, as seen in 2017 and 2021. 

Currently, the reading has been elevated while BTC has been stuck in $100K-$110K range. But a sustained decline in risk could be positive for the asset.