Bitcoin Prepares for Next Bull Run, According to On-Chain Analyst Willy Woo

Bitcoin (BTC) on-chain analyst Willy Woo claims that it is time for Bitcoin to prepare for its next bull run, and he backs this up with the Puell Multiple indicator.

The Puell Multiple is an indicator that evaluates miner profitability and supply stress through the ratio of daily coin issuance and 365-day average issuance, and is often used to predict Bitcoin’s highs and lows.

Woo explained on social media X that although the Puell Multiple is still below 1, Bitcoin has not gained momentum for a sustained rally, but it suggests a possibility of an uptrend. He added that Bitcoin’s current supply and demand are “neutral bearish,” but if a large-scale liquidation occurs, it could turn into an uptrend.

In the short term, Bitcoin is likely to remain strong, and in the medium term, it is analyzed that there is a possibility of a shift to a bullish structure as spot BTC is being purchased in large quantities.

Famous quote from Dr Puell.

“The best time to buy #Bitcoin is at the bottom, the second best time to buy is at the post halving re-accumulation”

He didn’t say it in words, he said it in numbers.

I’ve cleaned his model up to say it a bit clearer. pic.twitter.com/vBO6bDXsyr

— Willy Woo (@woonomic) September 21, 2024

As of 12:32 PM on September 23 (Korean time), the largest cryptocurrency by market cap, BTC, is trading at $64,560, up 2.30% from 24 hours ago.

Cryptocurrency media outlet U2Day diagnosed, “Bitcoin showed a strong performance by rebounding from the recent downtrend, but is still staying within the downtrend channel.”

The media outlet analyzed, “Bitcoin will likely need a strong catalyst or significant buying pressure to break through $70,000. If it succeeds in re-challenging $70,000, a new high could be formed, but if it fails to sustain the upward pressure, it could fall back to a major support line.”

“If Bitcoin falls, $60,000 is expected to act as an important psychological support line. This point is considered an even more important support line because it is currently where the 100-day moving average is located. Below that, the 200-day exponential moving average (EMA) and $58,000 are expected to act as additional supports.”

“If the buying trend continues and breaks through $70,000, the next target is expected to be $75,000. However, since this area has acted as a strong resistance line in past market cycles, there is a possibility that it will face difficulties once again.”