Crypto Analyst Raises 2021 Bitcoin Price Target: ‘$300K Not Out of the Question’

On Tuesday (December 1), with Bitcoin trading around the $18,900 level, prominent on-chain crypto analyst Willy Woo said that his previous Bitcoin price target — $200,000 per BTC by the end of 2021 — “now looks conservative.”

Views on 2021 (THREAD):

My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question.

The current market on average paid $7456 for their coins. You all are geniuses. pic.twitter.com/5t1pHXwE0b

— Willy Woo (@woonomic) December 1, 2020

Woo says that he is more bullish on Bitcoin in 2021 than ever before for two reasons:

The current “re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle.”
In the current cycle, USD gain in market cap per dollar invested “has significantly increased over past cycles.”

Also the $ gain in market cap per $ invested has significantly increased over past cycles, HODLers holding stronger. It was $2.00 in the 2013 bull run, $2.50 in 2017, and $3.50 or more for 2021.

All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop. pic.twitter.com/5nLWOPD49n

— Willy Woo (@woonomic) December 1, 2020

On November 23, Woo made the surprising claim that “Bitcoin is more stable than Gold as an investment vehicle.”

Bitcoin is more stable than Gold as an investment vehicle.

If you’re in it for the long run, you want long term stability of returns for the risk you’re undertaking. Day to day price volatility drops to the background for long term investors. https://t.co/3aE7tzKP1k pic.twitter.com/2DnuRQoWM2

— Willy Woo (@woonomic) November 23, 2020

And on November 16, Woo aptly called Bitcoin “the world’s first risk-on safe-haven” and explained what he meant:

#Bitcoin is the world’s first risk-on save-haven. What this means is it goes up during traditional boom cycles, it also goes up when investors flock to safe-havens.

The former is due to its adoption curve, the latter due to its technical design. https://t.co/jSPfISvrAy

— Willy Woo (@woonomic) November 16, 2020

Featured Image by “petre_barlea” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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