2024

Bitcoin

Bitcoin’s recent downturn has prompted renowned crypto analyst Willy Woo to offer a fresh <a href="https://twitter.com/woonomic/status/1770048197584683412?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">perspective</a> on the cryptocurrency’s future trajectory. Woo’s analysis, based on the surge in Bitcoin’s Macro Index, suggests an optimistic outlook for the leading digital currency, potentially indicating a pivotal shift in market dynamics. 
<h2 id="unveiling-bitcoin-double-pump-prediction">Unveiling Bitcoin Double Pump Prediction</h2> 
Willy Woo, a figure well-respected in the <a href="https://www.newsbtc.com/bitcoin-news/planbs-bitcoin-forecast-a-journey-to-5-million/" target="_blank" rel="noopener ">cryptocurrency analysis</a> sphere, has recently shared insights that paint an intriguing future for Bitcoin. 
According to Woo, the notable increase in the Bitcoin Macro Index could signal more than just a recovery; it might be the precursor to a rare “double pump” cycle. 
<img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GJB5LsKbkAAajAz?format=jpg&amp;name=medium" alt="Bitcoin Macro Index" width="1200" height="649"> 
Drawing parallels with the market patterns 2013, Woo’s forecast points towards two significant price surges for Bitcoin in the coming years. He anticipates the first peak by mid-2024 and a second, even more substantial top in 2025. 
This dual surge scenario, though historically uncommon, aligns with Woo’s analysis of current market conditions and Bitcoin’s intrinsic <a href="https://www.newsbtc.com/news/bitcoin/japans-1-5-trillion-pension-fund-assess-bitcoin/" target="_blank" rel="noopener ">growth potential</a>. 
<blockquote class="twitter-tweet"> 
 At the rate the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a> Macro Index is pumping, I wouldn’t be surprised if we get a top by mid-2024, which would hint at a double pump cycle like 2013… a second top in 2025. <a href="https://t.co/i2a0V5ytPv" rel="nofollow">pic.twitter.com/i2a0V5ytPv</a> 
 — Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1770048197584683412?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">March 19, 2024</a>
</blockquote> 
<h2 id="navigating-through-the-bearish-terrain">Navigating Through The Bearish Terrain</h2> 
Meanwhile, the past week has not been kind to BTC, with the asset experiencing a roughly 10% decline. This downward trend extended over the past 24 hours, seeing Bitcoin’s value <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-crashed-65000/" target="_blank" rel="noopener ">dip</a> by 4.9%, bringing its <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-plunges-64000-on-chain-support/" target="_blank" rel="noopener ">price to around $65,000</a>—a sharp fall from its recent peak above $73,000. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/RvnsCvxk/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1556"> 
Amid this bearish price action,&nbsp;IntoTheBlock, a notable crypto analytics firm, suggests the $61,000 level as a critical demand zone, highlighted by the significant volume of Bitcoin purchased at this price point. 
This area is deemed attractive for accumulation by institutional investors and large-scale traders, suggesting a possible recovery in the near future. 
<blockquote class="twitter-tweet"> 
 Bitcoin is looking for support. But where will it find it? The $61k range could be a key area to keep an eye on. 805k addresses acquired over 466k BTC at this level, indicating a healthy appetite for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a> around that level. <a href="https://t.co/XYw7LSC6Ji" target="_blank" rel="noopener nofollow">pic.twitter.com/XYw7LSC6Ji</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1770025171040027007?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">March 19, 2024</a>
</blockquote> 
Additionally, as Bitcoin navigates its<a href="https://www.newsbtc.com/news/fomc-preview-bitcoin-crypto-fed-rate-move/" target="_blank" rel="noopener "> current market challenges</a>, cryptocurrency analyst Charles Edwards points&nbsp;out that a typical pullback during a Bitcoin bull run amounts to about 30%. 
With BTC having experienced its longest winning streak in history, a corrective dip to $59,000 or even $51,000, as per some predictions, remains within the realm of possibility. 
<blockquote class="twitter-tweet"> 
 A normal Bitcoin bullrun pullback is 30%. Back in December, we were already in the longest winning streak in Bitcoin’s history. A 20% pullback here takes us to $59K. A 30% pullback would be $51K. These are all levels we should be comfortable expecting as possibilities. 
 — Charles Edwards (@caprioleio) <a href="https://twitter.com/caprioleio/status/1770049266532466783?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">March 19, 2024</a>
</blockquote> 
These levels represent potential buying opportunities for investors looking to capitalize on Bitcoin’s cyclical nature and its anticipated ascension post-pullback. 
Featured image from Unsplash, Chart from TradingView

Bitcoin Might Be Poised For A ‘Double Pump Cycle,’ Reveals Analyst – Here’s Why

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