Could Bitcoin (BTC) still be due for a major price correction? Not likely, according to popular Bitcoin price guru Willy Woo.
The on-chain analyst has used blockchain data mapping bitcoin investors’ average buy-in price to determine that the asset likely won’t descend under $30,000 ever again.
Bitcoin’s New Floor is $30k
In a post to X on Tuesday, Woo shared a “Bitcoin Cost Basis Density Map” – a contour chart tracking bitcoin’s supply based on the price that long-term investors paid for their coins.
The line chart shows a dense grey band reflecting the price around which much of the bitcoin supply moved at the time, reflecting “strong agreed value” according to Woo.
Bitcoin Cost Basis Density Map. Source: @woonomic
Since Bitcoin’s inception, the analyst claims that the band has operated as infallible price support that is never retested under three specific conditions. These conditions include strong bands of agreed price, emergence from a bear market, and another
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