Widely followed on-chain analyst Willy Woo says Bitcoin (BTC) is going way higher over the next ten years based on its current state of adoption.
Woo tells his 1.1 million Twitter followers that BTC is not even halfway through its adoption S-curve, with the most growth still ahead of it.
[adinserter block="1"]S-curves are used to visualize the trajectory of something, in this case the adoption of a technology, which usually starts off slow before accelerating rapidly and finally reaching an equilibrium.
Says Woo,
“Why Bitcoin will outperform in the next decades?
Adoption S-curve on money, which is half of everything.
Currently 4% of world population, it’s going much higher.”
While Woo is expecting parabolic growth over the long term, he is expecting consolidation or possibly downward price action in the short term.
“Mean reversion forces now dominating Bitcoin price action.
Sideways or down is easier than up.
Fundamentals suggest we need a phase of cool down to reset things.”
Woo also recently said a short squeeze, which happens when large numbers of traders who shorted an asset decide to cut their losses in response to an unexpected price bump, triggering additional rallies, could be in the works for BTC.
“Price action has largely been dominated by demand stemming from the calendar futures markets, the instrument of pros and institutions. Even now, demand keeps surging, suggesting we are in the early stages of another price squeeze.”
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