Irish Journalist: “Bitcoin’s (BTC) Price Floor at $30K Could Be Unbreakable, Asserts Prominent Analyst

"Renowned Analyst Predicts Bitcoin's Potential Surge to $30,000 Despite Recent Retracement"

Bitcoin Could Potentially Reach $30,000, According to Analyst Willy Woo

Renowned cryptocurrency analyst Willy Woo believes that Bitcoin has the potential to reach the $30,000 price range, just as it appears to be done with its retracement towards $10,000. Woo’s analysis is supported by a “Bitcoin Cost Basis Density Map,” which highlights three distinct events that prevent Bitcoin from retesting its current key band of support.

The first event is when Bitcoin records strong bands of accumulation, indicating a significant increase in demand. The second event occurs when the digital currency is coming out of a bear market, which is the current situation. And finally, the third event is when the market is heading into the next halving, which is highly anticipated and scheduled for next April.

At present, Bitcoin exhibits all three of these conditions. The market is gradually moving out of a bear market, and the highly anticipated halving event is just around the corner. Bitcoin’s price is currently up 0.36% at $37,263.76, with a year-to-date increase of 126%.

Woo also noted that the potential approval of a spot Bitcoin ETF product in the United States could bring in more capital inflow into Bitcoin and further solidify its price growth thesis. The clamor for a Bitcoin ETF is growing, and top analysts believe that the odds of its approval are high.

This confluence of events indicates that Bitcoin’s continued surge is imminent, leading many to believe that the coin is on the move.

Original article: “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. 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 , 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) up 126%.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, to top analysts.This confluence of events shows Bitcoin’s continued surge is imminent, prompting many for the coin moving on.This article was originally published on U.Today”

Martin Reid

Martin Reid

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