Willie Woo, one of the most respected Bitcoin analysts, believes we will never see Bitcoin below $30,000 again. Woo explains his thinking and reveals that Bitcoin never returned to its previous support levels after entering a bull season.
In his chart, the analyst also highlighted the Bitcoin halvings that took place in 2012, 2016 and 2020. The next one is scheduled for mid-April 2024 and is one of the bulls’ big stories.
“We will likely never see BTC drop below $30,000 again if this pattern on the network continues… (8 out of 8 [vezes] until now).”
“What you see here is Bitcoin’s price discovery over 13 years,” Woo continues. “It is a contour map of the supply of BTC according to the price HODLers paid for their coins and how that changed over time.”
In other words, while there are cases of investors who left their coins dormant for more than a decade and are now millionaires, Woo points out that different groups of investors entered the market at different times.
Furthermore, these new buyers would be unwilling to sell their coins without a profit. The most extreme case is that of Michael Saylor and MicroStrategy, who did not sell their coins despite the losses they recorded in recent years. With Bitcoin’s recent surge, MSTR benefited by almost R$6 billion.
Willy Woo Reveals Bitcoin Chart Pattern That Never Failed
As mentioned above, Willy Woo is focused on a pattern that has never failed. Although the future will not repeat the past, this statistic was enough for the analyst to have confidence in his investments.
Below, Woo explains this foolproof pattern so far, highlighting some key points to make it happen.
“STANDARD: When BTC has had:
(a) strong agreed price ranges
(b) exited a bear market
(c) and targeting the next halving (highlighted in pink)
…the price never comes back to retest that support range.”
Another detail shared by Woo was the growth in Bitcoin adoption. While there were about 10,000 people on the network in 2010, today that number has exceeded 300 million. According to Woo, this won’t end here.
“Why ‘up only’? Bitcoin is far from a saturated commodity market”Woo started as he continued his explanation. “What we see on this chart over the past 13 years is the widespread adoption of BTC. In 2010 the network had 10,000 users, today more than 300 million people use it as a repository for valuable technology.”
In addition to the halving, the analyst also believes that the arrival of spot Bitcoin ETFs in the US could also change the game. After all, it is estimated that the market will receive billions of dollars from these exchange-traded products.
“This will only increase once an ETF is in sight.”
We’ll likely never see BTC drop below $30,000 again if this on-chain pattern holds true… (8 for 8 so far)
What you see here is #Bitcoin‘s price discovery for 13 years. It’s a contour map of BTC supply according to the price HODLers paid for their coins, and how it changed… pic.twitter.com/7QzxDQZH3S
— Willy Woo (@woonomic) November 21, 2023
Analyst also celebrated Javier Milei’s victory in Argentina
Willy Woo also did not shy away from the topic of the week, the victory of Javier Milei as president of Argentina, and celebrated the fact. However, her followers warned that Milei is a “no coiner” and has no knowledge about Bitcoin.
“It happens that I don’t give my opinion about what I don’t know and because I don’t know anything about Bitcoin, I don’t talk about it”Milei said in 2019.
“Dollarization is another way of saying goodbye to the Argentine Central Bank in favor of the Fed, which may be the lesser of two evils”said Woo. “Then it is a matter of gradually switching to BTC, we will see. The transition in El Salvador is no different (no central bank, gradually switch to BTC).”
“[Falar] ‘I don’t understand BTC’ in 2019 is a long time ago, something more current?”
Dollarization is another way of saying that the Argentine Central Bank should end in favor of the Fed, which may be the lesser of two evils.
Then it’s a matter of gradually switching to BTC, which we will see. The transition in El Salvador is no different (at the central bank,…
— Willy Woo (@woonomic) November 20, 2023
Whether or not you have learned about Bitcoin in the last four years, Milei may be visited by a special team from the government of El Salvador to guide you. Therefore, it is possible that Argentina will become yet another country where Bitcoin is legal tender alongside the US dollar.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
