Bitcoin Bullish Sentiment: On-chain analyst Willy Woo is optimistic about the future of Bitcoin (BTC) and predicts a breakout before October this year. Woo, who has a following of 1.1 million on the social media platform X, believes that the upcoming Bitcoin rally in 2025 will be historic. He attributes this rally to an increase in global liquidity, which tends to favor risk assets. Woo describes this as a “bullish ascending triangle,” where a breakout above a horizontal resistance confirms the bullish trend.
In response to a post by the pseudonymous quant analyst PlanB, Woo explains that the Bitcoin halving event, which occurred on April 19th, triggers a reorganization among BTC miners. Inefficient miners are forced to sell their BTC before shutting down, while the stronger miners can operate on higher margins and hold on to their coins. Woo suggests that it takes two to five months for the new supply and demand dynamics to reflect in the price of Bitcoin. PlanB supports this view, stating that historically, Bitcoin miner revenue recovers two to five months after a halving, leading to a vertical increase in Bitcoin’s price.
Currently, Bitcoin is trading at $62,373, which is approximately 15% below its all-time high in March. Investors should exercise caution and conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. It’s important to note that any transfers or trades carry inherent risks, and individuals are responsible for their own losses. The Daily Hodl does not offer investment advice and does not endorse the buying or selling of any cryptocurrencies or digital assets.
