Analyst Willy Woo allows the possibility for the onset of a bear market when BTC falls below $58 900

During the week, the rate of the first cryptocurrency fell by more than 8%

15.04.2024 - 08:25

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3 min

The material is not an investment recommendation and is published for informational purposes only.

What’s new? Crypto analyst Willy Woo has commented on the situation in the bitcoin market, the value of which during the previous week declined by more than 13% from a near-record high above $72 300. According to the expert, the key support level for the asset is the $58 900 mark, in the case of breaking through which we should expect the onset of a bear market. At the time of writing, BTC has partially recovered and is trading at $66 335.

Source: Twitter.com

What else is known? The analyst noted that he has not recorded any structural changes in the market over the past two months. In March, there was consolidation of the BTC exchange rate in a narrow price range. In April, it also shows unstable movement in both directions.

On April 20, halving is expected to result in a halving of the reward to miners for mining blocks, which will slow down the issuance and entry of new coins into circulation. According to Woo, this event will trigger increased exchange rate volatility.

Having analyzed supply and demand, the expert said that the accumulation of the asset, observed during the consolidation period, will push the exchange rate to a new record, and it is only a matter of time. “Remember: the longer BTC consolidates around ATH, the more coins that changes hands between investors cementing its price discovery. This creates formidable long term support once we break it,” Woo concluded.

Number of non-zero bitcoin wallets grew by 370 000 in six days

Analysts believe that the upward trend will continue until halving

Analyst Kevin Svenson believes that BTC could update its all-time high on the day of the halving. Fred Thiel, head of the largest mining company Marathon, on the other hand, does not expect a massive rally, believing that the reduction in the reward to miners is already factored into the price.

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