It has been reported that the analyst Willy Woo has revealed that Bitcoin will never fall below $30k ever again. But here’s the catch.
Bitcoin to never drop below $30k
On-chain analyst Willy Woo, who has a following of one million on social media platform X, predicts that Bitcoin (BTC) is unlikely to drop below $30,000 if a pattern that has held true since 2012 remains intact.
Woo is closely monitoring Bitcoin’s cost density map, which shows where long-term Bitcoin holders purchased their coins and how those levels have changed over time.
After observing the contour map, Woo has identified a pattern that outlines areas where investors strongly agree on the value of BTC.
According to Woo, there are currently eight price levels of “strong agreed value,” and Bitcoin has never revisited these levels.
“We’ll probably never see BTC going below $30,000 again if this on-chain pattern holds true… (8 for 8 so far)…
DENSE HORIZONTAL BANDS:
These are price regions where much of the supply moved between investors reflecting strong agreed value.”
He continued and said the following:
“PATTERN:
Whenever BTC had:
(a) strong bands of agreed price
(b) coming out of a bear market
(c) and leading into the next halvening (marked in vertical bands)
… the price never comes back to retest this band of support.
CONTEXT:
Why ‘up only?’ Bitcoin is far from a commodity market at saturation. What we’re seeing across the 13 years of this chart is BTC’s widespread adoption. The network had 10,000 users in 2010. Today there are well over 300 million people using it as a store of value technology. This is only going to climb with a spot ETF (exchange-traded fund).”
The online publication the Daily Hodl notes that after examining Woo’s chart, it is clear that the first two areas of strong agreement value are priced below $10.
The next three areas are priced under $1,000. The sixth, seventh, and eighth price levels are all below $20,000 while the potential ninth area is priced under $30,000.
