Onchain analyst Willy Woo’s recent chart reveals Bitcoin’s price consolidation above $30K, suggesting a potential trend of enduring stability. Explore the analysis, highlighting critical support zones and historical patterns that could keep BTC above this threshold.
As Bitcoin maintains its stronghold above the $30K mark, Willy Woo, renowned onchain analyst, shares insights through a comprehensive cost basis density map. The chart, spanning 13 years of BTC’s price discovery, showcases horizontal bands indicating strong agreement among holders at specific price levels. According to Woo, when BTC reaches these levels post-bear market and precedes a halving event, historical data suggests it rarely revisits the support level.
Woo attributes this “up only” pattern to Bitcoin’s ongoing adoption surge, with over 300 million users today, a remarkable increase from 10,000 in 2010. He anticipates continued growth, especially with the potential introduction of a spot ETF.
Despite some skepticism among respondents, Woo emphasizes the unique trajectory of Bitcoin compared to traditional commodity markets, where saturation often leads to declining prices. The ongoing influx of institutional investors further supports Woo’s optimism for BTC’s enduring stability above $30K.
