Popular on-chain analyst Willy Woo, Bitcoin An indicator pointing to the price bottom in 2022 has re-emerged stated.
Woo noted on account X that BTC was leaving exchanges as it did when the crypto market reached its bottom last year.
Bitcoin flows are currently making a strong comeback to exit exchanges again. I haven’t seen such a buying movement since the market hit bottom.
On-chain analyst PlanB is also among those bullish on Bitcoin price, noting that the hash rate, which measures BTC’s transaction power, indicates it will remain above a critical level.
Bitcoin valuation based on difficulty (hash rate) rose to $35,000 yesterday. I think this could mean that barring possible black swans or short-term fluctuations, BTC will never fall below $35,000 again based on $/kWh-arbitrage fundamentals.
NEWS CONTINUES BELOW
PlanB recently said he believes Bitcoin could reach $524,000 in the next four years based on the historical trend during four-year halving cycles. He says Bitcoin is outperforming 4x in the lower range of cycles.
During the 2012 halving, most Bitcoin was below $16.
During the 2016 halving, most of BTC was in the $256-$1,024 range.
During the 2020 halving, most BTC was in the $4,000-$16,000 range.
At the 2024 halving, most BTC will be in the $16,000-$65,000 range.
“I wouldn’t be surprised if most of the BTC is transferred in the $65,000-$524,000 range in the next four years.”
He also says he doesn’t believe Bitcoin will trade below $40,000 for very long. BTC is trading at $37,694, down slightly in the last 24 hours.