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Bitcoin Price

On-Chain Analyst Says Bitcoin Could Hit $200,000 in 2021

Nick Chong

Nick Chong | Dec 02, 2020 | 10:00

Bitcoin Price

On-Chain Analyst Says Bitcoin Could Hit $200,000 in 2021

Nick Chong

Nick Chong | Dec 02, 2020 | 10:00


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  • According to Willy Woo, a prominent on-chain analyst, Bitcoin is likely going to move toward $200,000 to $300,000 in the coming year.
  • He cited a technical price model that has accurately predicted some key inflection points in Bitcoin’s price history.

Bitcoin Could Hit $200,000 in the Coming Year: Willy Woo

According to Willy Woo, a prominent on-chain analyst, Bitcoin is likely going to move toward $200,000 to $300,000 in the coming year. Referencing the chart seen below, he said:

“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.”

Woo is bullish on Bitcoin for a number of on-chain reasons.

One key reason is that he is seeing a mass amount of Bitcoin accumulation taking place through centralized exchanges. Commenting on the phase of “re-accumulation” that is taking place now:

“I’ve never been so bullish for 2021. This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”

Image

Chart of BTC's macro price action with a price model analysis by crypto trader Willy Woo (@woonomic on Twitter).
Source: BTCUSD from TradingView.com

Even Higher Than That?

Some think that it may rally even higher than $200,000 and $300,000 in the years ahead.

The Winklevoss Twins recently took to CNBC’s “Squawk Box” to talk shop. They said during the segment that they think that Bitcoin will pass $500,000 in the years ahead. This sentiment is based on their theory that BTC will surmount gold as the world’s leading store of value.

They talked about this point further in a blog post published to the site of their family office, Winklevoss Capital:

“Bitcoin has already made significant ground on gold — going from whitepaper to over $200 billion in market capitalization in under a decade. Today, the market capitalization of above-ground gold is conservatively $9 trillion. If we are right about using a gold framework to value BTC, and BTC continues on this path, then the bull case scenario for bitcoin is that it is undervalued by a multiple of 45. Said differently, the price of BTCcould appreciate 45x from where it is today, which means we could see a price of $500,000 U.S. dollars per bitcoin.”

There are also a number of other prominent investors that think Bitcoin will surmount $500,000 and beyond in the years ahead.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
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