{"id":1881,"date":"2023-11-22T07:58:13","date_gmt":"2023-11-22T07:58:13","guid":{"rendered":"https:\/\/ethereumcode.io\/bitcoin-stabilizes-above-30k-willy-woo-analysis\/"},"modified":"2023-11-22T07:58:13","modified_gmt":"2023-11-22T07:58:13","slug":"bitcoin-stabilizes-above-30k-willy-woo-analysis","status":"publish","type":"post","link":"https:\/\/ethereumcode.io\/bitcoin-stabilizes-above-30k-willy-woo-analysis\/","title":{"rendered":"Bitcoin Stabilizes Above $30K: Insights from Willy Woo’s Onchain Analysis Forecast Enduring Resilience"},"content":{"rendered":"
Renowned onchain analyst Willy Woo recently released a comprehensive chart that encapsulates the cost basis density map of bitcoin (BTC), demonstrating essential aspects of its pricing history and transactional data. This detailed analysis, unveiled on November 21, 2023, highlights vital zones of price stabilization and possible support areas. More significantly, Woo’s research intimates that bitcoin might forever remain above the $30,000 price point if the current trends continue as expected.<\/strong><\/p>\n Since October 22 of the same year, the price of bitcoin has consistently remained above the $30,000 threshold. On the same note, Woo shared his anticipation with over one million followers across various social platforms that BTC<\/strong> would likely maintain this status without dropping any lower given persisting historical trends. As probed from the cost basis density map, the bitcoin price discovery across a period of 13 years tells a concise story.<\/p>\n This includes details like the prices many bitcoin holders purchased their coins for and how these prices gradually shifted over time. The analyst points out that the bitcoin trend indicates a bear market, and if BTC<\/strong> hits a strong horizontal agreement price band leading to a halving event or when mining rewards decrease by half, it is unlikely to go below that level again.<\/p>\n Woo ascribes this pattern to the rapidly increasing bitcoin adoption rate. Unlike commodity markets that experience price drops when saturation hits, the bitcoin user base has grown from a paltry 10,000 in 2010 to an impressive over 300 million in 2023, hence more scope for expansion with growing institutional investors participation. The bitcoin pricing, according to Woo, ties directly to the popularity of a spot ETF.<\/p>\n However, one must remember that past performance does not guarantee future results. Factors like regulatory changes, technological advancements, macroeconomic trends, and unpredictable events can significantly sway bitcoin prices, regardless of historical data and patterns. A great example of this influence is the \u2018Black Swan\u2019 event of March 11, 2020, which resulted in BTC<\/strong> prices tumbling below the $4,000 mark.<\/p>\n All factors considered, and if the current trajectory is on track, Woo\u2019s analysis over the past 13 years gives enough grounds to expect robust areas of price discovery, reaccumulation periods before halving, and a routine of price consolidation before a new uphill journey.<\/p>\nKey Areas of Consolidation and Support in Bitcoin’s Price and Onchain Data<\/h2>\n
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