S2F Creator PlanB Insists Bitcoin Will Clinch 100,000 In 2023 Via This Price Model


Analyzed trends indicate that bitcoin is unlikely to dip below the $30,000 mark again, according to popular analyst Willy Woo.

BTC-shouldn-t-go-back-below-30-000″>BTC Shouldn’t Go Back Below $30,000

Willy Woo stated that bitcoin is expected to remain above the $30,000 threshold, drawing parallels from historical data suggesting stability in the price.

bitcoin‘s recent surge in value is fueled by the anticipated approval of spot exchange-traded funds (ETFs), offering wider access to BTC investments. With a price increase of over 100% in 2023, bitcoin is currently priced at $37,188, as per CoinGecko.

Woo’s assessment, supported by a “bitcoin Cost Basis Density Map,” identifies three significant events that validate bitcoin‘s price support, reinforcing previous market trends.

Given the current market conditions and the upcoming halving event in April 2024, bitcoin demonstrates similar characteristics as witnessed in previous bullish cycles, indicating that the momentum is poised to continue.

Woo highlighted the evolution of the bitcoin ecosystem, with a substantial increase in user adoption and a shift towards bitcoin as a store of value, contributing to the current bullish phase.

bitcoin-and-u-s-etf-prospects”>bitcoin And U.S. ETF Prospects

Additionally, Woo emphasized the potential impact of the approval of the first spot bitcoin ETF in the United States, driving increased capital inflows and propelling bitcoin into a strong uptrend.

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While the U.S. Securities and Exchange Commission initially rejected Grayscale Investment’s bid for a spot ETF, subsequent legal developments indicate a favorable outcome, potentially opening the door for other financial giants seeking ETF approval by January 2024.

BlackRock, a prominent asset manager, also has its spot BTC ETF filing on the SEC’s desk, signaling growing support for bitcoin investments in the traditional financial sector.

### News source: zycrypto.com

By Team