Popular on-chain analyst Willy Woo says Bitcoin ascending to the seven-figure mark this bull cycle is now within the realm of possibility.
In a new episode of the What Bitcoin Did podcast, Woo reveals his broad range of Bitcoin price targets for the current bull cycle.
“It would need a very steep hockey stick but I can’t say that [$1 million BTC is] out of the question. I can say $100,000 is very conservative. I can say $200,000 is right on track, or somewhere between $100,000 and $200,000 is a very conservative sort of sweet spot… $300,000 to $1 million is actually not much of a gap, believe it or not…
It just reminds me of the moon and Mars metaphors. If you were to go to the moon, the amount of energy it takes you to get to the moon, it’s just a little bit extra to get to Mars. It’s a little bit like that on these charts.”
During the interview, Woo also highlights a key resistance level that Bitcoin needs to bust through before it can reach his targets for this cycle.
Woo points to the $50,000 range as a significant point of resistance that, if surpassed, could send Bitcoin on its way to becoming a multi-trillion dollar asset that eats up a significant portion of gold’s market cap.
“The next key mark in the sand for me is the $50,000-$55,000 Bitcoin, and that broaches us into that $1 trillion resistance level market cap. If Bitcoin becomes a trillion-dollar asset market cap, at that point, all major macro asset buckets are trillion dollars, and Bitcoin’s not even in that league yet.
Once we break that, I think that’s big news and I think that it then becomes a black hole and it sucks in other assets, particularly gold, because it’s kind of an antiquated old version of Bitcoin.”
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