Closely followed crypto analyst Willy Woo says that Bitcoin (BTC) is preparing to rally to new all-time highs (ATHs) as we step into a new year.
In an interview on the What Bitcoin Did podcast with Peter McCormack, Woo explains what he expects from the leading crypto in 2022.
When considering the types of price jumps Bitcoin is historically capable of making, Woo points out that a spike from BTC’s current ATH around $69,000 to, say, $100,000, would be “nothing.”
“Of course, we get an all-time high.”
“If we break the all-time high properly, we run through the [fibonacci levels]…
You know, let’s face it, $69,000 to $100,000 is nothing.
It’s only like a 50% gain for Bitcoin, which it does quite readily.”
When pressed specifically on what heights Bitcoin’s 2022 all-time highs may reach, Woo references the stock-to-flow (S2F) model, which predicts an asset’s price by comparing the amount of new supply entering the market compared to the already existing supply.
The on-chain analyst says that the S2F should act as an anchor on Bitcoin, seeing the price go above and below but averaging out at the $100,000 level in the long term.
“I would say we will be right in the middle of it,
It’s like in $100,000 by the end of next year.
And whether we whip up or down, it could go much higher and come back,
But roughly the middle line is somewhere around $100,000.”
Bitcoin is currently trading at $51,769.81, up 3% on the day but down approximately 25% from its ATH.
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