Willy Woo On Bitcoin: On-Chain Metric Flashes Bullish Pattern
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 sig...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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 signalsBitcoin 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
Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Bitcoin’s Bear Cycle Looks Familiar — And That Might Be the Bullish Case
Bitcoin Magazine Bitcoin’s Bear Cycle Looks Familiar — And That Might Be the Bullish Case Bitcoin has fallen from a record high of...
XRP Price Prediction: XRP Risks $0.97 as Price Remains Trapped Below Key EMAs
The weakness has left the XRP price vulnerable to another decline, with technical levels around $0.99 and $0.97 emerging as import...
Why a weekend break below $62,500 could unleash a Bitcoin selling wave toward $58,500
Bitcoin trades near $62,900 heading into the weekend, having touched an intraday low of $62,538 on Aug. 14. That low effectively t...
Cardano Remains Below Its ATH as BlockDAG (BDAG) Begins Stage 1 Presale
Every crypto cycle produces a handful of coins that never quite recover their former glory, no matter how solid the underlying tec...
Bitcoin’s ETF rebound just lost 38% of its gains in four sessions as BTC fell below $63,000
Morgan Stanley’s Bitcoin Trust and Grayscale’s Bitcoin Mini Trust ETF were the only US spot Bitcoin funds to attract capital on Au...
Bitcoin’s $16.3 billion Wall Street stress test splits into four positional patterns
The $16.3 billion in Bitcoin ETF positions that CryptoSlate recently tracked ahead of the Q2 filing deadline resolved into four di...