Bitcoin, which failed in its attempts at $ 38,000, has been moving at the level of $ 36,000-37,000 in recent days.
While investors are in dilemma about whether BTC will fall again and its price, popular cryptocurrency analyst Willy Woo shared a Bitcoin post that will make investors happy.
Sharing on Twitter, Willy Woo said that if the on-chain model he shared is correct, BTC will probably never fall below $ 30,000 again.
At this point, the analyst, who shared the “Bitcoin Cost Basic Density Map”, 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 listed 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 have exited the bear market, and the third is that we are moving towards the halving event that will take place in 2024.”
“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.) “
Finally, Woo pointed out that Bitcoin had 10,000 users in 2010, this number has now increased to 300 million and that the adoption of BTC has increased, and said, “The potential approval of a spot Bitcoin ETF in the USA will enable more capital inflows to Bitcoin.” and BTC will experience further price increases.” 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.