BTC/USD is more likely to reach $300,000 in a year's time, the popular analyst says, thanks to an "amplified bullish feedback loop."
Bitcoin (BTC) hitting $300,000 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.
Woo eyes "amplified bullish feedback loop"
Discussing potential 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.