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

Bitcoin (BTC) hitting $300,000 in only one 12 months’s time is “not out of the query,” well-liked statistician Willy Woo says.

In a series of tweets on Dec. 1, Woo acknowledged 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 12 months.

“My Prime Mannequin suggesting $200Ok per BTC by finish of 2021 seems conservative, $300Ok not out of the query,” one submit learn.

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

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

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

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

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

“This re-accumulation section coincides with spot market stock depletion roughly 2x longer and deeper than the final cycle. It should 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 growing; an amplified 2021 bullish suggestions loop,” Woo concluded.

Is anybody bearish on 2021?

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