Prominent on-chain analyst and Bitcoin bull Willy Woo is updating his BTC price target.
In an episode of What Bitcoin Did with Peter McCormack, Woo identifies the $29,000 area as a solid support level that would only break in the event of a black swan.
[adinserter block="1"]“The only times these kinds of on-chain models I’ve experienced break is like the Covid black swan, and a lot of that is like very, very short time frames where everyone freaks out and they dump. Normally, what happens is that they go really down into a deep pit and then it rebounds and then it comes back to the norm of what the fundamentals say but that was a one in a one hundred year pandemic and we saw that and it broke the models. But that’s what a black swan is meant to do. It’s meant to break all your models. If that happens, then the model is either broken or we’ve hit a black swan…
Right now it would take, for me, under the models I have, it would take a black swan to push the price below essentially what we bottomed out at on the $29,000 range on a daily close, maybe slightly a little bit below, but it would really take something extreme, and that’s based on the amount of money that’s come in.”
Woo revealed that his price target for Bitcoin is in perpetual adjustment, but it can top out above $200,000. He wants to see the next months out before sketching a precise price forecast.
“[The price target] starts to move with the price each day so it continually adjusts and we can kind of look at the trajectory and it’s above $200,000 currently.
$200,000 to $300,000 is the sweet spot but I don’t have enough price action data. I’d like to see how this thing goes in the next three to six months and then we’ll have something really solid because it will get closer and closer to the top target.”
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