Renowned analyst Willy Woo suggests a significant Bitcoin price movement by October 2024, citing an ascending triangle formation in global liquidity.
Explore his insights and long-term bullish predictions, including Bitcoin potentially reaching $1 million within the next decade.
Predicts "Record BTC in 2025"
Willy Woo, a prominent analyst with over 1.11 million followers on X, suggested on May 15, 2024, that bitcoin prices could see significant volatility by October 2024.
He reported that "global liquidity is forming an upward triangle," and that "a breakout is expected by October 2024."
An ascending triangle is a type of chart pattern that suggests that prices are in an uptrend and are converging while buyers are buying at prices higher than the previous low in the absence of a new high.
A breakout is a term used to describe a chart that rises or falls in price through a high or low, and prices tend to fluctuate significantly after a breakout.
While Willy Woo did not comment on whether "bitcoin prices will rise or fall in the future," he said that "2025 will be a record year for bitcoin," suggesting that significant price volatility will occur after October 2024.
Half-life impact on price also 2-5 months away?
Although bitcoin (BTC) has not reached a high since around March 2024 and has not seen a significant price increase since its half-life on April 20, Willy Woo said that it will take 2-5 months before new demand and supply is reflected in the price.
This was posted in comment to an X post by PlanB, a prominent analyst known for his Bitcoin price forecasts using the Stock-to-Flow (S2F) model, who explained that "after the half-life, inefficient miners will be weeded out and the selling pressure on miners will be removed."
While Willy Woo did not indicate the direction in which bitcoin is headed next in this post, he reported in a post on the 11th of this month that "bullish signs are emerging for bitcoin today.
He is also bullish in his long-term bitcoin price forecast, saying he expects "the bitcoin price to easily reach $1 million in the next 10 years."
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"Bitcoin Could Easily Surpass $1 Million," Predicts Prominent Analyst Willy Woo
Discover Willy Woo's bold prediction for Bitcoin reaching $1 million and his insights on its potential as a future reserve currency, challenging traditional norms.
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