Popular on-chain analyst and market commentator Willy Woo has predicted the price of bitcoin could surge to $157,000 once the current pullback the cryptocurrency market has been seeing is over.
Woo’s words, as Daily Hodl reports, came during an interview with well-known bitcoin bull Anthony Pompliano and were based on his model which uses on-chain data. The analyst believes it’s only a matter of time until the leading cryptocurrency’s trend reverses and it surges.
During the interview, she said:
This is a bull market. There’s no mistaking this. We’ve got X-ray vision on what the investors are doing, and it’s bullish whilst price is sliding downwards.
Per his words, the next major event “is when the fundamentals squeeze price action, and we break out of this what I’d call re-accumulation band right in the middle of a bull market.” The price of bitcoin, it’s worth noting, has been trading between $40,000 and $30,000 over the last few weeks, ever since it dropped from a near $64,000 all-time high.
Woo’s model is predicting the price of bitcoin could surge to $157,000 when its trend reverses, and could move the price target up once the market turns bullish once again. Woo said:
If we squeeze out of this accumulation band like I’m expecting, I would say that we will start curving upwards into the $250,000 to $350,000 range. Sounds a bit ludicrous right now, but that’s what the model says.
The analyst added that while the model is predicting a reversal and a huge price surge, he has no idea what will happen to the market. He is instead using “on-chain as a map to try and get a grasp of what exactly is happening in the market.”
Earlier this year, Woo revealed he had been seeing signals suggesting that the Bitcoin network’s user growth is now “near an all-time high.” It’s worth noting several technical indicators suggest a trend reversal may be around the corner.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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