If you're like me you still cringe a little when you read a headline like this, I think I'm still traumatized by Tom Lee, Mike Novagratz, and John McAfee's 2017 appearances on CNBC where they seemingly pulled (ridiculously high) numbers out of a hat and read them on-air as their 'expert prediction' - they repeated this weekly for almost an entire year... then the entire market crashed.
So still take this with a grain of salt - but so far, analyst Willy Woo has correctly predicted the bull run we're in right now, and if his predictions remain true for the next year all Bitcoin owners are going to be very happy.
In the first week of October he stated "In my last update the latest impulse was still forming with an expectation that it would be a bullish buying impulse based on early signs of hidden accumulation being seen on exchanges. This has correctly played out.
We are now coasting upwards with no new changes in the short term on-chain structure. I remain bullish and am awaiting any new changes.
Keen observers will notice there is a bullish supporting trend-line in coin movements forming, which I’ll highlight below." Woo also stated "The next 3 months: Coin supply has dried up while demand dominates."
This was in October - so that 3rd month is right now, and his description of today's market is accurate.
Looking Ahead: Bitcoin at $200,000 by The Beginning Of 2022...
Today's market is strong and could act as the solid launching pad we need to take us to the moon.
The current average price a Bitcoin holder paid is $7,456, which is the average of the different lots of BTC, valued at the price they had the last time they were moved "you're all geniuses" he says, pointing out that the average investor has already doubled their investment.
One Big Reason: A 19% Decline In Bitcoin Being Held On Exchanges...Investors are taking their Bitcoin off of the exchanges, which means they don't plan on selling anytime soon.
So this really is just the simple law of supply and demand, the supply is getting lower as demand rises, and that always makes prices rise.
This is why he says he's never had bullish sentiment towards bitcoin like today.
"It has never been so bullish for 2021. This re-accumulation phase coincides with the decline in BTC's spot inventory, about twice as long and deep as in the last cycle."The Icing On The Cake:
Woo's BTC price model (if the final numbers and timing are correct) has Bitcoin breaking $80,000 in the next 3 months!
He also calls the prediction we'll be seeing $200,000 trades for 1 BTC on
block explorers soon 'conservative' saying
"$300,000 is not out of the question".
Read Woo's full thread on Twitter
here.
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Author: Ross Davis E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News
