The price of Bitcoin presses on towards the upside and, once again, touched a critical resistance close to $38,000. The cryptocurrency could trend sideways at its current levels in the short term, leading analysts to find the support level that could withstand a spike in selling pressure.
As of this writing, Bitcoin trades at $37,160 with sideways movement in the last 24 hours. BTC held a 2% profit the previous week, while Cardano (ADA) and Solana (SOL) took the lead in the current price action.The History Of Bitcoin Reveals Mega Bottom For The Current Cycle?
On-chain analyst Willy Woo a prediction on his social media channels based on the Bitcoin Cost Basis Density. The analyst investigated the BTC supply dynamics to find where the cryptocurrency could hold off the bears.The Biggest Narrative Driving The Bull Run
However, Woo claims that the potential approval of a Bitcoin Exchange Traded Fund (ETF) might be the more significant catalyst for the cryptocurrency. If the US Securities and Exchange Commission (SEC) approves the product, billions of dollars flow into the cryptocurrency. The analyst added:Bitcoin is far from a commodity market at saturation. What we’re seeing across the 13 yrs of this chart is BTC’s widespread adoption. The network had 10,000 users in 2010, today there’s well over 300m people using it as a store of value technology. This is only going to climb with a spot ETF.The majority of users replying to Woo’s forecast highlighted his 2021 prediction. At that time, the analyst also set some levels that were supposed to hold against a selloff but quickly folded against unprecedented selling pressure.