- Twitter influencer and analyst with 1 million followers, Willy Woo, predicts that Bitcoin will not drop below US$ 30k (AU$ 45k).
- This statement is based on previous market cycles where investors trade BTC at the same price for a while, which ultimately forms a new support level.
- Willy Woo also believes approval for a spot Bitcoin ETF will have a significant impact on Bitcoin adoption.
Willy Woo is one of the biggest names in the crypto Twitter space, boasting over one million followers and providing users with sturdy trading advice that belies his silly-sounding handle. A long-time Bitcoin bull, his most recent call might be the most ambitious of all: That Bitcoin will “probably never go…below $30k again”.
In a tweet posted yesterday, Willy Woo predicts that Bitcoin’s price action is extremely unlikely to dip below the US$ 30k (AU$ 45k) support level and instead is destined to rise in value from here on out.
Historical Supply Charts Demonstrate “Agreed Value”
Willy Woo bases his claim on a few variables – one of the key being the historical cycles of BTC price action. Long periods of sideways action through previous bear markets have indicated an “agreed value” between investors, meaning most BTC holders (bullish or bearish) are happy to trade around that price point. For the current crypto winter, that trading point has been US$ 30k. In previous instances, that support level has never again been tested in the following market cycles, making a strong case that US$ 30k is the “new bottom” for BTC.
Spot ETF Set to Accelerate Adoption
Aside from his technical analysis, Willy Woo’s strongest point comes in regard to the impending spot Bitcoin ETF. He emphasises that BTC’s adoption has skyrocketed from 10,000 users upon release in 2010, to today boasting 300 million+ individual investors. The tweet suggests that the acceptance of a spot Bitcoin ETF by the SEC – expected by early next year – will only inflate adoption numbers further.
Willy Woo is a fairly trusted figure among the crypto-verse and has backed up his claims with solid arguments and evidence. However, it’s always worthwhile being cautious around statements that promise exclusively positive price action. While Bitcoin’s future – especially with a spot ETF just around the corner – looks bright, there’s no way to guarantee the coin doesn’t dip below US$ 30k, even if it is unlikely.
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