Closely adopted crypto analyst Willy Woo says that Bitcoin (BTC) is making ready to rally to new all-time highs (ATHs) as we step into a brand new yr.
In an interview on the What Bitcoin Did podcast with Peter McCormack, Woo explains what he expects from the main crypto in 2022.
When contemplating the varieties of price jumps Bitcoin is traditionally able to making, Woo factors out {that a} spike from BTC’s present ATH round $69,000 to, say, $100,000, could be “nothing.”
“Of course, we get an all-time high.”
“If we break the all-time excessive correctly, we run by way of the [fibonacci levels]…
You know, let’s face it, $69,000 to $100,000 is nothing.
It’s solely like a 50% achieve for Bitcoin, which it does fairly readily.”
When pressed particularly on what heights Bitcoin’s 2022 all-time highs could attain, Woo references the stock-to-flow (S2F) mannequin, which predicts an asset’s price by evaluating the quantity of recent provide coming into the market in comparison with the already present provide.
The on-chain analyst says that the S2F ought to act as an anchor on Bitcoin, seeing the price go above and beneath however averaging out on the $100,000 degree in the long run.
“I might say we can be proper in the midst of it,
It’s like in $100,000 by the tip of subsequent yr.
And whether or not we whip up or down, it may go a lot larger and are available again,
But roughly the center line is someplace round $100,000.”
Bitcoin is presently buying and selling at $51,769.81, up 3% on the day however down roughly 25% from its ATH.
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