Bitcoin Must Break $79,000 to Signal Bullish Phase
- Bitcoin is currently trading at $76,237, down 1.3% on the day.
- Analyst Willy Woo estimates a 30% chance of Bitcoin breaking the $79,000 resistance level.
- Woo indicates that holding above mid-$60,000 levels is crucial to avoid severe corrections.
- The cost basis model shows recent investors’ average acquisition price is around $79,000.
Willy Woo emphasizes that Bitcoin needs to convincingly flip the $79,000 level into support to confirm a bullish phase. If successful and if it maintains levels above $65,000, it could signal an end to the current bearish trend based on historical patterns.
The next three to six weeks will be critical for Bitcoin’s price action as it attempts to establish a bottom. A successful break and hold above key levels may lead to increased buying momentum among investors. (Source)
