Popular Bitcoin maximalist and on-chain crypto analyst, Willy Woo, has described the present Bitcoin bull as epic stating that the present market situation could take the leading cryptocurrency to around 6 digits.
Woo made the forecast in the latest ‘What Bitcoin Did’ podcast episode, stating that $200,000 per unit price of Bitcoin is right on the track. This comes on the heel of a recent tweet the analysts released that there are high chances the largest cryptocurrency by market cap hits $300,000 in a year time.
In the latest podcast, Woo also heightened people’s expectations to the possibility of over $1 million price this cycle.
When asked about the possibility of Bitcoin reaching $1 million in the next cycle, Woo said no; Bitcoin could reach a million price this cycle. Woo added that while he thinks $100,000 seems quite conservative, $200,000 is right on the track, and $1 million BTC price is also not out of place.
The analyst further addressed that between $100,000 and $200,000 is a sweet spot, adding that it may be hard for people to believe, but $300,000 to $1 million is also not far.
Also during the podcast, Woo mentioned that the $50,000 price range is a crucial resistance point for the cryptocurrency. He explained that Bitcoin needs to break this point to go as high as predicted by his model. Hence, if Bitcoin can rally this high, it would overwhelm gold’s market cap.
Previously on December 1, analyst Woo related in a series of tweets that his bullishness on Bitcoin has never been this high. With respect to the recent price upsurge Bitcoin displayed in the market recently, Woo believes that 2021 is another great year for Bitcoin.
Then, he said his “My Top Model” suggests $200K per unit Bitcoin price by end of 2021.
Woo proclaimed that the present cycle bull run would likely be greater than that of 2017, affirming that the re-accumulation phase is a great attestation to this.
He said Bitcoin’s market cap daily growth against the US dollar is now above that of 2013 and 2017. Thus, this also promises a more amplified bullish run for 2021.