The Bitcoin (BTC) price remains the de facto standard by which the entire cryptocurrency ecosystem is measured, and its current outlook shows no current signs of slowing down. One important analysis on the future price of Bitcoin was recently shared by top market analyst Willy Woo, who noted that BTC may never see the $30,000 price level again.
Just as Bitcoin appears to be done with a retracement toward the $10,000 price level, Woo is optimistic with the right conditions, the same can be said of the $30,000 range.
We’ll probably never see BTC going below $30k again if this on-chain pattern holds true… (8 for 8 so far)
What you see here is #Bitcoin’s price discovery across 13 yrs. It’s a contour map the 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
According to his analysis, supported by a “Bitcoin Cost Basis Density Map,” three distinct events prevent Bitcoin from retesting its current key band of support. This he pointed out to be whenever Bitcoin recorded strong bands of an agreed price, whenever the digital currency is coming out of a bear market and when the market is heading into the next halving.
Bitcoin currently exhibits three conditions, with the highly anticipated halving event slated for next April, and the market is generally moving out of a bear market. Bitcoin’s price is up 0.36% at the time of writing to $37,263.76, with year-to-date (YTD) gains up 126%.
Bitcoin (BTC) price and Spot ETF effect
According to Willy Woo, the Bitcoin (BTC) ecosystem has changed dramatically from 2010 to date. Within this time, the cryptocurrency’s user base has moved from 10,000 to 300 million, with its use as a store of value growing.
He noted that the potential approval of a spot Bitcoin ETF product in the United States will draw more capital inflow into Bitcoin and will further solidify the Bitcoin (BTC) price growth thesis. The clamor for the Bitcoin ETF is growing, with the odds deemed high, according to top analysts.
This confluence of events shows Bitcoin’s continued surge is imminent, prompting many bullish forecasts for the coin moving on.
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