January 19, 2021

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Willy Woo: Bitcoin at $300,000 by year-end

2 min read

The claims of the well-known on-chain analyst Willy Woo continue. Based on the data he has collected, he has now drawn up a model in which he predicts that we may see the price of Bitcoin as high as $300,000 by the end of 2021. 

For Woo, there are several parameters to take into account and he has developed graphs illustrating the correlation between price of BTC and bitcoin held on exchanges by users who engage in spot trading, and how they are more inclined to place orders for longer periods. 

Willy Woo and his analysis of bitcoin 

Another piece of data that is examined by Woo is the ratio of bitcoin’s market capitalization to the dollar, which has increased significantly over time: this value was $2 in 2012, $2.50 in 2017 and could reach $3.50 or more in December 2021. 

If we also consider that recently more and more institutional investors have entered the market and continue to buy Bitcoin aiming at the long term, we can understand how they have a much longer view than traders aiming at small gains. 

This consequently leads to a reduction in the circulation of the asset on the various platforms, because if institutional investors have a long-term vision, at least 10 years, it is understandable that no one sells anything and getting bitcoin will become increasingly difficult in the future, not only because there will be the usual halving events, but because holders will continue not to sell.

With all these parameters and situations analyzed, it is conceivable, according to Willy Woo, that the asset could reach 300 thousand dollars.

Only a few hours ago, actress Lindsay Lohan also said that Bitcoin could be worth $100,000 by the end of the year, although her assumption is not supported by real studies but probably just a clickbait video on request.

 

The post Willy Woo: Bitcoin at $300,000 by year-end appeared first on The Cryptonomist.





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