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Willy Woo Says On-Chain Bitcoin Metric Flashing Same Bullish Pattern As Last Year’s Market Bottom

source-logo  dailyhodl.com 01 December 2023 08:48, UTC

Popular on-chain analyst Willy Woo says one indicator that marked Bitcoin’s (BTC) 2022 bottom is suddenly flashing bullish again.

Woo tells his one million followers on the social media platform X that BTC is flowing off of exchanges similarly to how it did when the crypto market reached a bottom last year.

“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.”

Source: Willy Woo/X

Fellow on-chain analyst PlanB is also bullish on BTC, and he says Bitcoin’s hash rate, which measures the processing power of the king crypto’s network, suggests the top digital asset will remain above one key level.

“BREAKING: Bitcoin valuation based on difficulty (hash rate) increased to $35,000 yesterday. IMO (in my opinion) this could mean that, apart from possible black swans or short-term volatility, based on $/kWh-arbitrage fundamentals BTC will never go below $35,000 ever again.”

Source: PlanB/X

PlanB recently said he believes Bitcoin could hit $524,000 within the next four years based on a historical trend during four-year halving cycles. He says Bitcoin seems to perform 4x 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.”

He also says that he doesn’t believe Bitcoin will trade for below $40,000 for very long.

Bitcoin is trading for $37,694, down slightly in the last 24 hours.

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