Failed in attempts to reach $38,000 Bitcoin It has been moving around $36,000-37,000 in recent days.
Popular cryptocurrency analyst as investors dilemma over whether BTC will drop again and its price Willy Woo’Bitcoin sharing that will make investors happy has arrived.
Sharing on Twitter, Willy Woo probably said that if the on-chain model he shared is true, He said BTC will not fall below $30,000 again.
at this point “Bitcoin Cost Baseline Density Map” Sharing the analysis, the analyst stated that his ambitious analysis of $ 30,000 for BTC is supported by this density map.
In his chart, Woo emphasized that Bitcoin formed a horizontal basic support band at certain levels after exiting the bear market, and pointed out that BTC did not fall to this level in the next bear markets.
According to this analysis from Woo, three different events are preventing Bitcoin from retesting its current key support band at $30,000.
Woo describes these three events as ““The first is that the BTCs held by HOLDERs are above $ 30,000 and this range is strong, the second is that BTC and crypto markets are out of the bear market, and the third is that we are moving towards the halving event that will take place in 2024.” listed as.
“If this on-chain model is correct, we will likely never see BTC fall below $30,000 again.
Here you see 13 years of price discovery for Bitcoin. This is a contour map of BTC supply based on the price HODLers pay for their coins and how that changes over time. (Bitcoin Cost Base Density Map)
INTENSIVE HORIZONTAL BANDS: These are price zones that reflect strong consensus value, where most of the supply moves among investors.
According to this model, three different events prevent Bitcoin from retesting the current key support band of $30,000.
These are strong ranges in the agreed price, we are out of the bear market and the halving event is approaching. (halving lines are marked by vertical bands and the price never returns to retest this support band.) “
Woo finally pointed out that Bitcoin had 10,000 users in 2010, this number has now increased to 300 million and the adoption of BTC is increasing. “Potential approval of a spot Bitcoin ETF in the US would enable more capital inflows into Bitcoin and further price appreciation for BTC.” said.
We’ll probably never see BTC going below $30k again if this on-chain pattern holds true… (8 for 8 so far)
— Willy Woo (@woonomic) November 21, 2023
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!