Your Bitcoin Price Floor and the Upcoming Halving
Willy Woo, a well-known Bitcoin price analyst, has used blockchain data to predict that the cryptocurrency’s price is unlikely to go below $30,000 again. In a recent post, he shared a “Bitcoin Cost Basis Density Map,” which tracks the supply of Bitcoin based on the price paid by long-term investors.
Bitcoin’s Strong Price Support
The map shows a dense grey band that reflects a price around which a significant portion of the Bitcoin supply moved, indicating a “strong agreed value,” according to Woo. Woo claims that this band has always operated as an infallible price support that is never retested under specific conditions.
New Bitcoin Floor
The conditions include strong bands of agreed price, emergence from a bear market, and a Bitcoin “halving” around the corner. With the asset having risen 130% since last year’s notorious market crash and a halving scheduled for April 2024, Bitcoin’s price is poised to remain supported.
Hot Take
While popular analysts like Plan B have made similar predictions, and the past has proven them wrong, for now, it seems that a strong floor for Bitcoin’s price has been confirmed. With the next halving approaching and the asset’s widespread adoption continuing, things indeed seem favorable for Bitcoin’s price.
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