Prominent on-chain data analyst Willy Woo says that Bitcoin is currently resting at a “halfway intermission” before it blasts off into potential gains of as high as 733%.
In a new episode of What Bitcoin Did with Peter McCormack, the widely-followed crypto analyst says he has a moving price target starting at $300,000 BTC for this bull cycle.
According to his models, Woo says he’s got his eye on the $300,000 level but is ready for an overshoot well past $400,000.
“The longer this bull market runs the higher the target goes, and right now it’s so fast… Right now it’s on track to go above $300,000.”
Referencing PlanB’s controversial stock-to-flow model (S2F), which places Bitcoin at the $288,000 level this year, Woo believes the target is destined to be blown apart.
“Plan B’s sitting there with his stock-to-flow model which gives a hard number of $288,000, and mine is like ‘I don’t care.’ As more money piles in, this line keeps moving up. It’s a moving target. Even that $288,000 target, you’ll see that it overshoots. It always overshoots… If it’s $288,000, it goes to $300,000, $400,000, even $500,000.”
The popular trader says that, unlike other tradable assets, Bitcoin has barely penetrated its buyer base or been adopted by the mainstream, giving it unique upside potential.
“Bitcoin of course has been in this hyperbolic curve upwards as people adopt it so we’re currently at something like 50,000 more people that you can see on the blockchain per day coming in to buy for the first time, so that means probably around 150,000 people all told including the exchanges… You’ve got these hordes of people coming in to buy it and every dip you get, they’re buying it so you’ll see this upward movement. Every dip is bought up higher, and that would be explaining this particular triangle with Bitcoin.”
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The post Bitcoin Only in ‘Halfway Intermission,’ According to On-Chain Data Analyst Willy Woo – Here’s His Updated Price Target appeared first on The Daily Hodl.