Bitcoin Movement Predicted Before October
Woo recently shared on social media platform X his belief that Bitcoin will experience significant movement before October this year. He predicts a massive Bitcoin rally in 2025, driven by increased global liquidity that typically favors riskier assets.
The analyst pointed to the development of a bullish ascending triangle, characterized by higher lows and a horizontal resistance level. This pattern, once confirmed by a breakout above the resistance, could signal a major upward trend. Woo argues that the global liquidity forming this triangle will benefit Bitcoin, leading to notable gains.
What Is the Impact of Block Reward Halving?
Woo added that Bitcoin’s price generally sees substantial increases two to five months after a block reward halving, with the latest occurring on April 19, 2024. He explained that the halving process forces inefficient miners to sell their BTC, leaving only the more efficient ones who sell less, thereby reducing selling pressure and positively influencing Bitcoin’s price.
Key Insights for Bitcoin Investors
- Monitor global liquidity trends, as they can significantly influence Bitcoin prices.
- Pay attention to the formation and breakout of bullish patterns like the ascending triangle for buying opportunities.
- Consider the impact of the block reward halving on miner behavior and subsequent price movements.
As per recent data, Bitcoin has increased by 5.97% in the last 24 hours, trading at $66,220, which is about 10% below its all-time high from March. Woo’s analysis indicates that the combination of increasing global liquidity and reduced selling pressure from miners post-halving could lead to a significant Bitcoin breakout and rally soon.
