Bitcoin

In a recent tweet, renowned crypto analyst Willy Woo has made a bold prediction, suggesting that Bitcoin (BTC) may never dip below the $30,000 mark again if a distinct on-chain pattern continues to hold true. Woo’s assertion is based on a detailed analysis of <a href="https://blockchainreporter.net/bitcoin-price/" rel="noopener noreferrer nofollow">Bitcoin’s price</a> discovery spanning over 13 years, revealing a fascinating contour map that traces the cryptocurrency’s supply in relation to the prices HODLers paid for their coins.<h2 id="header-0">Bitcoin’s ‘Up Only’ Trajectory</h2>The chart shared by Willy Woo exhibits dense horizontal bands representing price regions where a significant portion of the Bitcoin supply moved between investors, indicating a strong consensus on the asset’s value within those bands. Woo highlights a specific pattern observed in instances where Bitcoin exhibited the following conditions:(a) Strong bands of agreed-upon prices,(b) Emergence from a <a href="https://blockchainreporter.net/glossary/bear-market/" rel="noopener noreferrer nofollow">bear market</a>, and(c) Progressing towards the next halving, marked by distinct vertical bands on the chart.Remarkably, Woo notes that in each of these instances, the BTC price did not revisit these bands of support, signaling an “up only” trajectory. This intriguing trend suggests that once Bitcoin establishes strong support at a certain price level during these specific market conditions, it tends to move upwards without retesting that support.Explaining the rationale behind this phenomenon, Woo argues that Bitcoin, unlike commodities markets, is still far from saturation. He attributes the observed pattern to the cryptocurrency’s widespread adoption over the 13-year period covered by the chart. From a modest 10,000 users in 2010, the Bitcoin network has grown exponentially, boasting over 300 million users today who use it as a store of value technology.Woo remains optimistic about Bitcoin’s future, projecting continued growth in adoption, especially with the <a href="https://blockchainreporter.net/jpmorgan-predicts-secs-legal-challenges-over-bitcoin-etf-approvals/" rel="noopener noreferrer nofollow">potential approval of a spot Exchange-Traded Fund (ETF)</a>. The tweet implies that Bitcoin’s current status as a store of value is just the beginning, with the cryptocurrency likely to attract even more users as it evolves into a mainstream investment vehicle.As of the latest data, the current price of Bitcoin stands at $37,405, reflecting a 0.32% increase in the last 24 hours and an impressive 25.63% surge over the last 30 days. Investors and enthusiasts will undoubtedly be closely watching to see if BTC continues to adhere to the observed on-chain pattern and maintains its upward trajectory in the coming months.

Analyst Willy Woo Suggests Bitcoin’s Floor at $30K, Points to Bullish Price Discovery Pattern

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