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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Analyst Sets $30,000 Floor For Bitcoin, But Can We Forget 2021’s Misfire?

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC BTCUSDT willy woo

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The price of Bitcoin presses on towards the upside and, once again, touched a critical resistance close to $38,000. The cryptocurrency could trend sideways at its current levels in the short term, leading analysts to find the support level that could withstand a spike in selling pressure.

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As of this writing, Bitcoin trades at $37,160 with sideways movement in the last 24 hours. BTC held a 2% profit the previous week, while Cardano (ADA) and Solana (SOL) took the lead in the current price action.

Bitcoin BTC BTCUSDT
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview

The History Of Bitcoin Reveals Mega Bottom For The Current Cycle?

On-chain analyst Willy Woo shared a prediction on his social media channels based on the Bitcoin Cost Basis Density. The analyst investigated the BTC supply dynamics to find where the cryptocurrency could hold off the bears.

Based on his findings, the analyst stated that Bitcoin is unlikely to revisit the $30,000. As seen in the chart below, each time in BTC’s history that the supply moved to long-term investors, the cryptocurrency trends to the upside without returning to this price point: $30,000 for the current cycle.

Bitcoin price BTC BTCUSDT Chart 2
Source: Willy Woo via X

The analyst set 3 conditions to confirm this pattern: first, Bitcoin must be exiting a bear market; second, there must be signs of a “high agreed price;” finally, the cryptocurrency must be about to go through a “Halving Event.”

During the latter, the supply rewards for mining BTC are cut in half along with its production, which often leads to “supply shocks,” according to some analysts. Halving events coincide with the BTC bull run, but other analysts warned against corresponding Bitcoin bull runs with the reduction in its supply.

The Biggest Narrative Driving The Bull Run

However, Woo claims that the potential approval of a Bitcoin Exchange Traded Fund (ETF) might be the more significant catalyst for the cryptocurrency. If the US Securities and Exchange Commission (SEC) approves the product, billions of dollars flow into the cryptocurrency.

The analyst added:

Bitcoin is far from a commodity market at saturation. What we’re seeing across the 13 yrs of this chart is BTC’s widespread adoption. The network had 10,000 users in 2010, today there’s well over 300m people using it as a store of value technology. This is only going to climb with a spot ETF.

The majority of users replying to Woo’s forecast highlighted his 2021 prediction. At that time, the analyst also set some levels that were supposed to hold against a selloff but quickly folded against unprecedented selling pressure.

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Bitcoin About To Smash The $38,000 Barrier – Decoding the Next Moves

1 year ago

It remains to be seen if this prediction will suffer the same fate or if the Bitcoin price can hold above $30,000 for the next bull cycle.

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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