• Historical data suggested that Bitcoin’s value will not go below a support level. 
• BTC’s network activity remained robust, which was a bullish signal. 

Bitcoin [BTC] displayed a promising bull rally in October, surging by 22% and finally going above $37,000. At the time of writing, BTC was trading at $36,510.30 with a market capitalization of over $713 billion. 

Bitcoin’s price might not go below $30,000

If the latest analysis is to be believed, the possibility of Bitcoin going under $30,000 is slim. Therefore, this might be the right opportunity for investors to stockpile BTC ahead of another bull rally.

Willy Woo, a popular BTC analyst, recently posted a tweet revealing why BTCs might not go under that mark.

We’ll probably never see BTC going below $30k again if this on-chain pattern holds true… (8 for 8 so far)

What you see here is #Bitcoin‘s price discovery across 13 yrs. It’s a contour map the BTC supply according to the price HODLers paid for their coins, and how it changed… pic.twitter.com/7QzxDQZH3S

— Willy Woo (@woonomic) November 21, 2023

In the analysis, Willy Woo used a contour map to map the BTC supply according to the price HODLers paid for their coins and how it changed over time. The dense horizon bands are price regions where much of the supply moved between investors, reflecting a strong agreed value. 

As per the tweet, whenever BTC had

Go to Source to See Full Article
Author: Dipayan Mitra

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details