The Bitcoin (BTC) Price and Probable Support
The price of Bitcoin (BTC) continues to push towards the upside, reaching a critical resistance near $38,000. Analysts are now looking for the level of support that can withstand an increase in selling pressure. Currently, Bitcoin (BTC) is currently worth $37,160 with minimal movement in the previous day, showing a 2% gain from the previous week. In the meantime, Cardano (ADA) and Solana (SOL) are leading the present price action.
Bitcoin’s Historical Analysis and Probable Bottom
On-chain analyst Willy Woo made a prediction based on Bitcoin’s Cost Basis Density, examining Bitcoin supply dynamics to determine where the digital currency could resist bearish pressure. According to his findings, Woo suggested that Bitcoin (BTC) may not revisit the $30,000 mark, highlighting historical trends where the digital currency moved to the upside without returning to that price point for the present cycle.
Woo set 3 conditions to affirm this pattern: Bitcoin (BTC) should be coming out of a bear market, indicating a “high agreed price,” and approaching a Halving Event, where the supply bonus for mining Bitcoin are halved, potentially leading to supply shocks and a bull run.
The Key Factor Driving the Bull Run
Woo likewise emphasized the capacity approval of a Bitcoin (BTC) Exchange Traded Fund (ETF) as a whole lot of catalyst for the digital currency. He pointed out that if the United States Securities and Exchange Commission (SEC) approves the product, it might lead to billions of dollars flowing into Bitcoin (BTC) as a store of value technology.
Although while some users raised concerns about the previous prediction’s accuracy, the question remains whether Bitcoin (BTC) can hold over $30,000 for the next bull cycle or succumb to unforeseen selling pressure.
Cover image from Unsplash, chart from Tradingview
Hot Take: Bitcoin’s Probable Bullish Trajectory
The analysis of Bitcoin’s historical trends and probable bottom for the present cycle provides insights into the cryptocurrency’s future trajectory. Regardless of concerns about selling pressure and historical accuracy, the ongoing development of Bitcoin (BTC) as a store of value technology and the capacity approval of a Bitcoin (BTC) ETF signal continued positive trend momentum for the digital currency, opening new possibilities for its adoption and growth.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.