Closely followed crypto analyst Willy Woo says that Bitcoin (BTC) is preparing to rally to new all-time highs (ATHs) as we step into a new year.
When considering the types of price jumps Bitcoin is historically capable of making, Woo points out that a spike from BTC’s current ATH around $69,000 to, say, $100,000, would be “nothing.”
“Of course, we get an all-time high.”
“If we break the all-time high properly, we run through the [fibonacci levels]…
You know, let’s face it, $69,000 to $100,000 is nothing.
It’s only like a 50% gain for Bitcoin, which it does quite readily.”
When pressed specifically on what heights Bitcoin’s 2022 all-time highs may reach, Woo references the stock-to-flow (S2F) model, which predicts an asset’s price by comparing the amount of new supply entering the market compared to the already existing supply.
The on-chain analyst says that the S2F should act as an anchor on Bitcoin, seeing the price go above and below but averaging out at the $100,000 level in the long term.
“I would say we will be right in the middle of it,
It’s like in $100,000 by the end of next year.
And whether we whip up or down, it could go much higher and come back,
But roughly the middle line is somewhere around $100,000.”
Bitcoin is currently trading at $51,769.81, up 3% on the day but down approximately 25% from its ATH.
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