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Bitcoin hitting $300,000 per BTC in just one year’s time is “not out of the question,” popular statistician Willy Woo says.
In a series of tweets on Dec. 1, Woo stated that he has “never been so bullish” on Bitcoin’s prospects for 2021.
Discussing potential Bitcoin price trajectory, he confirmed that he was looking at six figures by December next year.
“My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question,” one post read.
“The current market on average paid $7456 for their coins. You all are geniuses.”
Woo used his technical Top Cap metric to deliver the forecast. Despite being what his analytics website Woobull calls “experimental,” Top Cap has accurately matched price tops in the past.
Continuing, he eyed the decreasing amount of BTC held on spot exchanges as a sign that bullish price action would be catalyzed in the coming twelve months.
“I’ve never been so bullish for 2021,” he wrote.
“This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”
Lastly, the dollar gain in Bitcoin’s market cap for each dollar invested this cycle has outpaced the 2013 and 2017 bull runs.
“All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop,” Woo concluded.
Is anyone bearish on 2021?
As Cointelegraph reported, Woo is far from alone in his optimistic outlook for post-2020 Bitcoin.
Sky-high price predictions have come thick and fast over the course of the past two months, with quant analyst PlanB’s $100,000 December 2021 estimate now looking decidedly modest.
Beyond technical circles, familiar figures such as serial investor Mike Novogratz have begun taking price predictions to the mainstream. In the case of Novogratz, he told actress Maisie Williams last month that BTC/USD would head to $20,000 and then to $65,000. Williams subsequently invested.
This week, meanwhile, a giant $590,000 price forecast came courtesy of the Realized Profit/ Loss metric, which has returned to its classic bull run launch position.
In other trending Bitcoin News today:
Bitcoin Moves $500K Around The Globe Every Second, Says Samson Mow
Samson Mow, chief strategy officer at Blockstream, says Bitcoin was never about “transactions per second and coffee,” but about value and a “new financial paradigm.”
Blockstream’s Samson Mow wants to move the conversation away from Bitcoin’s (BTC) performance in transactions per second and toward its role in ushering in “a new financial paradigm,” that is, serving as a permissionless medium for the store and transfer of value.
“Bitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. It’s all about value transacted per second and a new financial paradigm. VTPS not TPS. Nothing comes close to BTC”
Mow’s argument is that “VPTS [value transacted per second] not TPS [transaction per second]” is what really counts. Calculations for the video were reportedly made using on-chain data by the editor of the Blockstream engineering blog, who goes by “Grubles” on Twitter.
The editor similarly tweeted that “Bitcoin scales just fine. 1 BTC can store an infinite amount of value.”
The video, according to a follow-up tweet from Mow, “was inspired by a stupid XRP marketing video comparing their sh*tcoin’s TPS [transaction per second] to Bitcoin’s.”
Blockchain.com data shows that as of Dec. 1, the total estimated value of transactions on the Bitcoin blockchain was estimated at $4.627 billion. This figure hit $5.15 billion, close to its all-time-high, on Nov. 5.
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