On Tuesday (December 1), with Bitcoin trading around the $18,900 level, prominent on-chain crypto analyst Willy Woo said that his previous Bitcoin price target — $200,000 per BTC by the end of 2021 — “now looks conservative.”
Woo says that he is more bullish on Bitcoin in 2021 than ever before for two reasons:
- The current “re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle.”
- In the current cycle, USD gain in market cap per dollar invested “has significantly increased over past cycles.”
On November 23, Woo made the surprising claim that “Bitcoin is more stable than Gold as an investment vehicle.”
And on November 16, Woo aptly called Bitcoin “the world’s first risk-on safe-haven” and explained what he meant:
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