Bitcoin Price Bottom Prediction by On-chain Veteran Willy Woo Sparks Jitters

Renowned on-chain analyst Willy Woo predicts Bitcoin price could bottom in the $46,000-$54,000 range, based on classic on-chain models. The lower Bitcoin bottom prediction coming during heightened volatility and uncertainty sparked jitters in the crypto market.

Bitcoin Price Bottom Prediction by Willy Woo

BTC bulls are holding strongly between $65,000 and $70,000, resisting a drop despite the 4-year cycle remaining intact. Many believe digital asset treasuries (DATs) and institutional buying through spot Bitcoin ETFs have softened downside risks.

However, leading on-chain analyst Willy Woo has issued a dire warning of further downside ahead. In an X post on March 30, he pointed out that on-chain models are signaling Bitcoin bottom between $46,000 and $54,000.

He noted that the BTC Realized Price (orange line), which tracks capital stored in BTC, signals ongoing distribution as it continues to decline since November.

Moreover, the CVDD Floor currently sits at $45,500 and is rising gradually over time. This is the reason for the broader $46,000-$54,000 bottom range.

Willy Woo on Deeper Bear Market Risks

Willy Woo has maintained a broader bearish outlook since last year due to BTC historical 4-year cycle. He stated that the Bitcoin market has entered a deep consolidation phase that will last for several months.

SkyBridge Capital founder Anthony Scaramucci highlighted Bitcoin selloffs by OG whales, long-term holders, and miners in line with the 4-year cycle. He predicted a bottom could form in Q4 this year after choppy Bitcoin price action.

Willy Woo warns of a deeper Bitcoin price crash amid recent macro concerns and the US-Iran war. Notably, four prior bear markets occurred during a “secular bull market in risk equities. If that foundation collapses, we will be in uncharted territory (deeper bear),” he said.

Analysts Share Concerning Bitcoin Price Chart Patterns

Bitcoin price jumped more than 1% after the crypto market crash, with the price currently trading at $67,500. The 24-hour low and high are $64,971 and $67,722, respectively. Furthermore, trading volume has increased by almost 44% over the last 24 hours.

However, another popular analyst Ali Martinez has shared a triangle pattern repeating on the daily chart. A breakdown similar to earlier could trigger a crash below $50,000.

Crypto analyst Daan Crypto Trades also warned about the same pattern triggering massive corrections the last two times. “I think the $50Ks are a very realistic scenario. I would personally be adding quite a bit more spot Bitcoin & Ethereum in that region over time. But no rush in making any decision obviously,” he added.

However, bulls regaining the $72K level would invalidate this bearish pattern. It would trigger a rebound and consolidation until Q4. Notably, this aligns with potential next Fed rate cuts.