Bitcoin could reach $300k in a year, says renowned crypto analyst
02 Dec 2020
The price of Bitcoin reaching $300,000 in a year’s time is “not out of the question.”
This is according to well-known crypto statistician Willy Woo, Cointelegraph reports.
Woo said on Twitter that he has “never been so bullish” on the prospects for the world’s largest cryptocurrency by market capitalisation for next year.
In regard to the possible price trajectory, Woo affirmed he was looking at six figures by December 2021.
“My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question,” he said on Twitter.
“The current market on average paid $7456 for their coins. You all are geniuses.”
The crypto statistician utilised his technical Top Cap metric to provide his forecast for Bitcoin.
Although defined as “experimental” by Woo’s analytics website Woobull, Top Cap has previously accurately matched price tops.
Woo continued that he viewed the falling amount of Bitcoin on spot exchanges as an indication that bullish price action would be catalysed over the coming year.
He stated: “I’ve never been so bullish for 2021.
“This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”
Furthermore, the dollar gain in Bitcoin’s market cap for every dollar invested this cycle has surpassed the bull runs from 2013 and 2017.
Woo went on to say: “All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop.”
Moreover, last month as Bitcoin reached $17,800, a deVere Group survey showed 73% of high net worth individuals are now already invested in or will make investments in digital currencies such as Bitcoin, Ethereum and XRP, before the end of 2022.
deVere CEO and founder Nigel Green said at the time of the survey: “The price of Bitcoin is up 125% year-to-date, making it once again one of the best-performing assets of the year.
“As the survey shows, this impressive performance is drawing the attention of wealthy investors who increasingly understand that digital currencies are the future of money and they don’t want to be left in the past.”