The important crypto analyst Willy Woo notes that there is an on-chain metric that is flashing a bullish pattern at the end of 2023. Check out the latest reports about the matter below.
Willy Woo on Bitcoin’s bullish signals
Bitcoin analyst Willy Woo, who is popular for his on-chain analysis, has pointed out that a key indicator that marked Bitcoin’s 2022 bottom is now flashing bullish again.
According to Woo, the outflow of BTC from exchanges is currently similar to that observed during the market bottom last year. He shared this observation with his one million followers on the social media platform X.
“Bitcoin flows presently making a strong flip to moving off exchanges again. I haven’t seen such a swing towards buying since the market bottom.”
According to on-chain analyst PlanB, Bitcoin’s hash rate, which measures the processing power of the network, suggests that the top digital asset will remain above $35,000.
PlanB believes that this increase in Bitcoin’s hash rate valuation means that, apart from possible black swans or short-term volatility, based on $/kWh-arbitrage fundamentals, BTC will never go below $35,000 again.
PlanB also recently stated that he expects Bitcoin to hit $524,000 within the next four years based on a historical trend during four-year halving cycles. He claims that Bitcoin seems to perform four times the lower range of the cycles.
“At 2012 halving, most Bitcoin was <$16.
At 2016 halving, most BTC was in the $256-$1,024 range.
At 2020 halving, most BTC was in the $4,000-16,000 range.
At 2024 halving, most BTC will be in the $16,000-$65,000 range.
I would not be surprised if next four years, most BTC will transfer in the $65,000-$524,000 range.”
According to the latest reports coming from the online publication the Daily Hodl, the analyst also said that he doesn’t believe Bitcoin will trade for below $40,000 for very long.
Stay tuned for more news from the crypto space ahead of the huge event which is BTC’s halving that will take place next year.
