Bitcoin Resilient Following Altcoin Decline, Analysts Bullish on Willy Woo's On-Chain Pattern

Bitcoin (BTC), the leading cryptocurrency, experienced a slight increase on Tuesday, contrasting with the decline in major altcoins like Solana (SOL) and Ethereum. Year-to-date, BTC has impressively surged by 125%, maintaining a vital support level of around $37,000. Crypto experts are increasingly convinced that Bitcoin is unlikely to fall below the $30,000 mark again. This optimism is partly based on an analysis by Willy Woo, a well-known Bitcoin analyst. Woo’s on-chain pattern, which tracks Bitcoin price movements over 13 years, suggests that the probability of BTC falling below $30,000 is decreasing. The pattern, which resembles a contour map, shows the distribution of BTC supply at different price levels acquired by holders, revealing tight bands at certain prices that indicate a strong consensus on value.

The crypto community is optimistic about the DOJ-Binance deal and CZ’s resignation, seeing it as a step towards a Bitcoin ETF. The $4.3 billion settlement addresses Anti-Money Laundering violations, but CZ's departure and the deal have led to market adjustments with significant liquidations and asset outflows from Binance.

Bitcoin is at an uncertain period waiting for more direction. The bullish trend appears strong and could continue for the short and long term even with some negative news for the market.