Why Bitcoin Won't Go Below 30K Again: Willy Woo
This still unbeaten on-chain metric says bitcoin’s new price floor is above $30,000....
- On-chain analyst Willy Woo believes that Bitcoin's new price floor is above $30,000 based on blockchain data mapping investors' average buy-in price.
- Woo shared a "Bitcoin Cost Basis Density Map" that shows a dense grey band reflecting the price around which much of the bitcoin supply moved, indicating strong agreed value.
- The analyst claims that this band has operated as infallible price support under three specific conditions: strong bands of agreed price, emergence from a bear market, and a Bitcoin halving event.
- Woo's chart shows that such bands have formed 8 times in Bitcoin's history and have always propped up its price.
- However, not everyone is convinced of Woo's hypothesis, as other analysts have made similar predictions in the past that did not come true.
The overall sentiment of the article is mixed. Willy Woo's analysis suggests a positive outlook for Bitcoin's price, while other analysts' past predictions that missed the mark create some skepticism.