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Bitcoin hitting $300,000 per BTC in just one yearâs time is ânot out of the question,â popular statistician Willy Woo says.
In a series of tweets on Dec. 1, Woo stated that he has ânever been so bullishâ on Bitcoinâs prospects for 2021.
Discussing potential Bitcoin price trajectory, he confirmed that he was looking at six figures by December next year.
âMy Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question,â one post read.
âThe current market on average paid $7456 for their coins. You all are geniuses.â
Woo used his technical Top Cap metric to deliver the forecast. Despite being what his analytics website Woobull calls âexperimental,â 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.
âIâve never been so bullish for 2021,â he wrote.
âThis re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.â
Lastly, the dollar gain in Bitcoinâs market cap for each dollar invested this cycle has outpaced the 2013 and 2017 bull runs.
âAll pointing to reflexivity increasing; an amplified 2021 bullish feedback loop,â 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 PlanBâs $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 âtransactions per second and coffee,â but about value and a ânew financial paradigm.â
Blockstreamâs Samson Mow wants to move the conversation away from Bitcoinâs (BTC) performance in transactions per second and toward its role in ushering in âa new financial paradigm,â that is, serving as a permissionless medium for the store and transfer of value.
âBitcoin moves nearly half a million dollars in value around the globe permissionlessly every second. It was never about transactions per second and coffee. Itâs all about value transacted per second and a new financial paradigm. VTPS not TPS. Nothing comes close to BTCâ
Mowâs argument is that âVPTS [value transacted per second] not TPS [transaction per second]â 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 âGrublesâ on Twitter.Â
The editor similarly tweeted that âBitcoin scales just fine. 1 BTC can store an infinite amount of value.â
The video, according to a follow-up tweet from Mow, âwas inspired by a stupid XRP marketing video comparing their sh*tcoinâs TPS [transaction per second] to Bitcoinâs.â
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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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Views on 2021 (THREAD):My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question.
The current market on average paid $7456 for their coins. You all are geniuses. pic.twitter.com/5t1pHXwE0b
â Willy Woo (@woonomic) December 1, 2020
#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. đ pic.twitter.com/aXfDauPx9b
â Samson Mow (@Excellion) December 2, 2020
https://cointelegraph.com/news/why-one-analyst-says-bitcoin-is-on-the-cusp-of-busting-through-20k
https://cointelegraph.com/news/bitcoin-moves-500k-around-the-globe-every-second-says-samson-mow
https://cointelegraph.com/news/bitcoin-hitting-200k-by-december-2021-is-now-conservative-willy-woo
