Recently, on-chain Bitcoin analyst Willy Woo predicted how high the Bitcoin price will go in this bull cycle and how he plans to take profits.
Woo made his comments during episode #327 (titled: “How to Trade the End of a Bull Market”) of Peter McCormack’s “What Bitcoin Did” podcast.
With regard to the Bitcoin price, Woo told McCormack:
“[Bitcoin] is sort of ball-parking $200,000-$300,000 if you assume the end is in December. And now it looks like $300,000 minimum is the trajectory. So you know it can go further up or it can go down a bit if we have… it depends on how the price action swings over the rest of this year.“
As for how he plans to take profits, Woo said that once various metrics are telling him that the rally is about to come to an end, he will start selling as the Bitcoin price starts its downward trajectory:
“I was not in it to sell leading up to the top. It was more that I would wait for the top to start to signal and then I would sell on the downward run.”
Of course, Woo realizes that this exit strategy will not work for large BTC whales such as MicroStrategy:
“If you’re a whale and maybe a Michael Saylor-size whale, maybe you’ve got… maybe not even a 100,000 Bitcoin but maybe you’ve got just a paltry 10,000 Bitcoin, you might have trouble selling in the downside of the market because the liquidity starts to dry out on the way down…
“But for ordinary people that have got under, say a 1,000 Bitcoin, I think it’s perfectly fine. There’s sufficient liquidity in Bitcoin to exit the market on the way down.“
Featured Image Credit: Photo via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.