The price of Bitcoin (BTC) continues to be the gold standard by which the whole cryptocurrency industry is judged, and there are currently no indications that it will be slowing down. Renowned market expert Willy Woo has provided a significant study on the potential price of Bitcoin, pointing out that it might never reach the $30,000 barrier ever more.
Woo is hopeful that under the correct circumstances, the $30,000 area might see a regression similar to what Bitcoin seems to have done around the $10,000 price level.
https://x.com/woonomic/status/1726859145381638307?s=20
His study, which is backed up by a “Bitcoin Cost Basis Density Map,” indicates that three different things need to happen in order for Bitcoin to retest its present crucial band of support. He said that this occurs when Bitcoin shows robust price bands, when the cryptocurrency emerges from a bear market, and when the market is about to undergo another halving.
Three circumstances are presently present for bitcoin: the market is generally emerging from a bear market, the much-awaited halving event is scheduled for April of next year. As of this writing, the price of bitcoin is up 0.36% to $37,263.76, and its year-to-date (YTD) gains are up 126%.
Bitcoin (BTC) price and Spot ETF effect
Willy Woo claims that during 2010 the Bitcoin (BTC) ecosystem has undergone significant transformation. The number of cryptocurrency users has increased from 10,000 to 300 million throughout this time, and its popularity as a store of wealth has continued to expand.
He pointed out that the possible approval of a spot Bitcoin ETF product in the US will increase capital inflow into the cryptocurrency and strengthen the case for Bitcoin’s (BTC) upward price trajectory. Leading analysts believe that there is a rising demand for the Bitcoin ETF and that the chances are favourable.
The timing of these occurrences suggests that Bitcoin will continue to rise, which has led to numerous optimistic predictions for the future of the coin.
