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21 May 2024
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Bitcoin Rally in Coming Months ‘Will Be One for the Record Books,’ Says On-Chain Analyst Willy Woo – Here’s Why

On-chain analyst Willy Woo is expressing bullish sentiment about Bitcoin (BTC) for the upcoming months.

Woo tells his 1.1 million followers on the social media platform X that he expects Bitcoin to break out before October this year.

According to Woo the ensuing Bitcoin rally in 2025 will be “one for the record books”. The on-chain analyst says that the rally will be driven by an increase in global liquidity, which typically favors risk assets.

“Global liquidity forming a bullish ascending triangle.”

Image
Source: Willy Woo/X

An ascending triangle typically forms when an area of horizontal resistance is continually tested while higher lows are consecutively being formed. A bullish ascending triangle is confirmed when a breakout above the horizontal resistance occurs.

In response to a post by the pseudonymous quant analyst PlanB that the price of Bitcoin appreciates drastically between two to five months following the halving, Woo says that the four-year event triggers a reorganization among BTC miners leaving only the fittest to survive. The fourth Bitcoin halving took place on April 19th.

“Inefficient miners get culled at the halving.

They dump their BTC before dying.

Only the strong ones survive.

They operate on fatter margins so don’t need to sell.

Miner sell pressure gone.

Takes two to five months for the new supply/demand to reflect in price.”

According to PlanB,

“Historically, Bitcoin miner revenue recovers two to five months after a halving, and after that Bitcoin price goes vertical.”

Image
Source: PlanB/X

Bitcoin is trading at $62,373 at time of writing, about 15% below the all-time high reached in March.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Bitcoin Rally in Coming Months ‘Will Be One for the Record Books,’ Says On-Chain Analyst Willy Woo – Here’s Why appeared first on The Daily Hodl.

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