On-chain analyst Willy Woo presented an optimistic outlook for Bitcoin (BTC) in the coming months. Woo also supported PlanB’s thesis, which points to a strong rally trend following the block reward halving.
Expects Bitcoin to Move Before October
Woo told his followers on social media platform X that he expects Bitcoin to move before October this year. Woo predicts that the strong Bitcoin rally in 2025 will be enormous, driven by increasing global liquidity that typically benefits risky assets.
The analyst highlighted the formation of a rising bullish formation triangle, which occurs when higher lows form while a horizontal resistance level is repeatedly tested. This formation will be confirmed when Bitcoin breaks above the horizontal resistance, indicating a significant upward movement. Woo believes that the global liquidity forming this rising triangle will favor Bitcoin and lead to substantial gains.
Impact of Block Reward Halving
As is known, another famous anonymous on-chain analyst PlanB recently made headlines by stating that Bitcoin miner revenues historically recover within two to five months after being halved. Following this recovery, the Bitcoin market usually experiences a significant rise. This historical trend supports Woo’s bullish outlook for Bitcoin in the coming months and into 2025.
Responding to PlanB’s observation, Woo noted that Bitcoin’s price tends to gain significant value two to five months after a block reward halving. For those unaware, Bitcoin’s most recent and fourth block reward halving occurred on April 19, 2024.
Furthermore, Woo continued by pointing out that the block reward halving process forces inefficient miners to sell their BTC before ceasing operations. This leaves only the most efficient miners, who operate with higher profit margins and thus do not need to sell much BTC. He also noted that this reduction in selling pressure from miners is expected to positively impact Bitcoin’s price.
According to current data, Bitcoin has risen by 5.97% in the last 24 hours, trading at $66,220, which is about 10% below the all-time high reached in March. Woo’s analysis and historical patterns suggest that as global liquidity increases and selling pressure from miners decreases following the block reward halving, Bitcoin could see a significant breakout and rally.
