Closely followed on-chain analyst Willy Woo is laying out a price path for Bitcoin (BTC) this cycle.
In a new episode of What Bitcoin Did with Peter McCormack, Woo names a few key levels that can trigger a continuation of the Bitcoin bull market.
[adinserter block="1"]According to the analyst, Bitcoin’s on-chain fundamentals currently give BTC a fair value somewhere between $50,000 and $60,000. Woo also highlights a key price level that he thinks Bitcoin must reclaim to ignite bullish momentum.
“We deserve to be in the $50,000-$60,000 range. Once we break $42,000, that’s the long-term sort of line in the sand of the channel we’ve been playing at, and that’s just really a big gap from there to $50,000.
$42,000 to $50,000 is just a gap. So if we break $42,000, there’s not going to be much time to get to $50,000.”
Although Woo is bullish on Bitcoin, the on-chain analyst doesn’t see BTC shooting through all-time highs very quickly if and once $42,000 is breached. According to Woo, the flagship crypto is more likely to bounce around for a while in the $50,000-$60,000 range before it’s able to make new highs.
“I think we’ll take a little bit more time to slice through. I wouldn’t expect us to slash right through but anything can happen. I kind of expect that we’d just retest some of that zone in there because we spent so long playing around in there in that zone of discovering $50,000 to $60,000, and then, wow, if we break the all-time high… If we break that, then we’ll be off to the races again.”
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