All eyes are in Bitcoin now. Its wild upward swings have given rise to wild predictions as well. This time, it is the popular on-chain analysts and Bitcoin advocate, Willy Woo, who weighed on how the cryptocurrency’s prospects for 2021 looks like.
In a series of tweets, Woo went on to say that his “top model” indicated that BTC is all set to hit $200k by the end of 2021. The cryptocurrency reaching $300k was also “not out of question”. He also said,
“The current market on average paid $7456 for their coins. You all are geniuses.”
Bitcoin’s Current Rising Optimism Outpaces Previous Cycles
While adding that he has never been so bullish for 2021, Woo further discussed Bitcoin maintaining a consistent upward trajectory. The latest accumulation phase driven by both retail and institutional investors cannot be undermined and as the statistician noted, this trend coincided with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.
Delivering the prediction, Woo asserted that the dollar gain in market cap per dollar invested has substantially surged over past cycles, depicting that the Bitcoin ‘HODLers’ were more optimistic this time than the previous bull runs.
“It was $2.00 in the 2013 bull run, $2.50 in 2017, and $3.50 or more for 2021. This pointing to reflexivity increasing; an amplified 2021 bullish feedback loop.”
Bitcoin was currently trading at $18,932 after a decline of 2.55% over the past day. After surpassing the major hurdle and hitting above the previously achieved ATH, Bitcoin retraced in a massive market-wide pullback.
Several bold price predictions have made their way over the past few months as BTC’s prominence rose. Many ardent advocates of the cryptocurrency appeared to be taking a victory lap after a tryst with a fresh peak of nearly $20k.
Many institutions have publicly revealed purchasing a huge pile of Bitcoins this year. To top that, many reports have surfaced during the same time that a few big banks have been looking for ways to make money from Bitcoin without handling it directly. The emerging narrative that the world’s largest cryptocurrency was becoming one of the preferred options for the traditional finance companies is a positive indicator which could bolster its price to finally meet at least one of the sky-high price prediction.