bitcoin's recent slowdown has led renowned crypto analyst Willy Woo to offer a new perspective about the future trajectory of the cryptocurrency. Woo's analysis, based on the rise of bitcoin's macro index, suggests a bullish outlook for the leading digital currency, potentially indicating a fundamental shift in market dynamics.
Introducing the bitcoin Double Bomb Prediction
Willy Woo, a highly respected figure in the cryptocurrency analysis space, has recently shared insights that paint an intriguing future for bitcoin.
According to Woo, the notable rise in bitcoin's macro index could indicate more than just a recovery; could be the precursor to a rare “double bomb” cycle.
Drawing parallels to 2013 market patterns, Woo's forecast points to two significant price increases for bitcoin in the coming years. It anticipates the first peak in mid-2024 and a second, even more substantial peak in 2025.
This double surge scenario, while historically rare, aligns with Woo's analysis of current market conditions and bitcoin's intrinsic growth potential.
At the rate that bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin The macro index is rising, I wouldn't be surprised if we peak in mid-2024, which would suggest a double pump cycle like 2013… a second peak in 2025. pic.twitter.com/i2a0V5ytPv
— Willy Woo (@woonomic) March 19, 2024
Navigating the bearish terrain
Meanwhile, last week was not kind to btc as the asset saw a drop of around 10%. This downward trend extended over the last 24 hours, and bitcoin's value fell by 4.9%, bringing its price to around $65,000, a sharp drop from its recent high above $73,000.
Amid this bearish price action, IntoTheBlock, a prominent crypto analysis firm, suggests the $61,000 level as a critical demand zone, highlighted by the significant volume of bitcoin purchased at this price.
This area is considered attractive for accumulation by institutional investors and large-scale traders, suggesting a possible recovery in the near future.
bitcoin seeks support. But where will you find it?
The $61,000 range could be a key area to watch. 805,000 addresses acquired over 466,000 btc at this level, indicating a healthy appetite for $btc around that level. pic.twitter.com/XYw7LSC6Ji– IntoTheBlock (@intotheblock) March 19, 2024
Additionally, as bitcoin navigates the current market challenges, cryptocurrency analyst Charles Edwards notes that a typical pullback during a bitcoin bull run amounts to approximately 30%.
Given that btc has experienced its longest winning streak in history, a corrective drop to $59,000 or even $51,000, according to some predictions, remains possible.
A normal bitcoin bullrun retracement is 30%. By December, we were already on the longest winning streak in bitcoin history. A 20% retracement here takes us to $59,000. A 30% decline would be $51,000. These are all levels we should feel comfortable expecting as possibilities.
—Charles Edwards (@caprioleio) March 19, 2024
These levels represent potential buying opportunities for investors looking to capitalize on the cyclical nature of bitcoin and its anticipated rise after the pullback.
Featured image from Unsplash, chart from TradingView
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