Bitcoin hitting $200K by December 2021 is now ‘conservative’ — Willy Woo

Bitcoin (BTC) hitting $300,000 in only one yr’s time is “not out of the query,” common statistician Willy Woo says.

In a series of tweets on Dec. 1, Woo said that he has “by no means been so bullish” on Bitcoin’s prospects for 2021.

Woo eyes “amplified bullish suggestions loop”

Discussing potential worth trajectory, he confirmed that he was taking a look at six figures by December subsequent yr.

“My High Mannequin suggesting $200k per BTC by finish of 2021 appears conservative, $300k not out of the query,” one publish learn.

“The present market on common paid $7456 for his or her cash. You all are geniuses.”

Woo used his technical High Cap metric to ship the forecast. Regardless of being what his analytics web site Woobull calls “experimental,” High Cap has precisely matched worth tops previously.

BTC/USD predictions with High Cap extension (dotted line). Supply: Willy Woo/ Twitter

Persevering with, he eyed the reducing quantity of BTC held on spot exchanges as an indication that bullish worth motion can be catalyzed within the coming twelve months.

“I’ve by no means been so bullish for 2021,” he wrote.

“This re-accumulation part coincides with spot market stock depletion roughly 2x longer and deeper than the final cycle. It would ship BTC.”

Lastly, the greenback acquire in Bitcoin’s market cap for every greenback invested this cycle has outpaced the 2013 and 2017 bull runs.

“All pointing to reflexivity rising; an amplified 2021 bullish suggestions loop,” Woo concluded.

Is anybody bearish on 2021?

As Cointelegraph reported, Woo is much from alone in his optimistic outlook for post-2020 Bitcoin.