CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$36,442.00
  • ethereum
    ETH$1,376.81
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Analyst: Bitcoin Price at $300K by 2021 End is Not Out of the Question

    Analyst: Bitcoin Price at $300K by 2021 End is Not Out of the Question

    Author: Himadri Saha

    Last Updated Dec 2, 2020 @ 11:17

    Bitcoin prices are very much in a position to hit $300,000 by the end of 2021, on-chain analyst Willy Woo said in his latest Twitter thread.

    While bitcoin remains rangebound between $18,000 and the new all-time high, calls for BTC prices making ‘moonshot’ moves in 2021 have already started coming in.

    Amongst scores of such predictions, on-chain analysis pioneer Willy Woo opines that a $200,000 bitcoin price is ‘conservative’ and that the top cryptocurrency stands to fly to $300,000 by the end of the next year.

    $300K Per BTC ‘Not Out Of The Question’

    Even though BTC logged a new high, the top cryptocurrency’s price hasn’t managed to jump past the crucial psychological barrier of $20,000. But that won’t be a problem in 2021. According to noted on-chain bitcoin market analyst Willy Woo’s ‘Top Model,’ BTC is heading for $300,000 by the end of next year.

    Views on 2021 (THREAD):

    My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question.

    The current market on average paid $7456 for their coins. You all are geniuses. pic.twitter.com/5t1pHXwE0b

    — Willy Woo (@woonomic) December 1, 2020

    In a tweet thread, Woo opines that investors while buying bitcoin in the current rally paid an average of $7456 per BTC, which is in itself a ‘genius move’ since the cryptocurrency is going to trade at ‘moon prices’ next year.

    Adding to his commentary and citing data from blockchain market insights firm, Glassnode, Woo said that the drop in bitcoin’s supply on exchanges (due to massive accumulation) is two times ‘longer and deeper’ than what happened during the pre-rally phase of 2017.

    bitcoin supply depletion on exchanges
    Bitcoin Spot Exchange Supply Dropping Twice As Fast as 2017, Source: Glassnode

    This Woo said is a reason to be supremely on bitcoin’s market outlook going into 2021.

    Dollar Gain In Market Cap Per Dollar Invested Significantly Increased

    Continuing further in his commentary on bitcoin’s future market outlook, Woo pointed to another indicator that has reinforced his bullish stance manifold. He said that for every USD invested in BTC, the USD gain in the cryptocurrency’s market cap has ‘significantly increased’ compared to previous bull cycles.

    Also the $ gain in market cap per $ invested has significantly increased over past cycles, HODLers holding stronger. It was $2.00 in the 2013 bull run, $2.50 in 2017, and $3.50 or more for 2021.

    All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop. pic.twitter.com/5nLWOPD49n

    — Willy Woo (@woonomic) December 1, 2020

    Willy said that this particular market development points to an immensely bullish scenario for bitcoin in 2021.

    But Numbers Will Go Down Before It Goes Up

    Although Woo’s above on-chain bitcoin market analysis does paint a mega bullish scenario for bitcoin in the coming months, a drop is also ‘not out of the question.’ Popular TradingView based analyst Alan Masters confirms it.

    Masters notes that BTC had a very strong monthly close in November, but by taking a rational stance, he maintained that a pullback is on the cards ‘nothing moves up in a straight line, not even in Bitcoin’. 

    He posits that the first half of December would see BTC price printing multiple red candles, and then from the next half onwards, things will be all green. But this is not at all an issue worth worrying about as

    …this might mean that we get to correct in the first few weeks of the month, and then we end up with big green again…

    The trader compares this to the situation in 2017 when BTC closed October on a bullish note. In the following months, though, prices dropped 16% and then continued running up north, eventually posting a higher high. Masters continued by saying that this is the exact market scenario that can be expected this month. And how low could BTC go before rallying back up?

    Bitcoin can go as low as $13,323 monthly in a matter of a few days or two weeks and bounce from this level and then continue to increase.

    If prices dip below EMA10 (the above price point), then the scenario will be completely different, with bulls losing all confidence. But right now, volumes are the highest since April, and the Relative Strength Indicator (RSI) numbers are also pretty good.

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • BitcoinEthereumSquarePayPal
      The Digital Age Is Here: Crypto And Fintech Companies Soar, While Bank Stocks Tank
    • quick_cover
      Last Time Bitcoin Broke $17K The Way To $20K ATH Was Quick
    • bitcoincrash
      Over $290 Million Liquidated in an Hour as Bitcoin Crashes $1.6K Before $20,000
    Read more on: Bitcoin Bitcoin (BTC) Price Bitcoin Long-Term Prediction

    About The Author

    Himadri Saha View more posts by this author

    Himadri’s love affair with cryptocurrencies began in 2016. Since then he has been a vocal proponent of crypto as a robust investment alternative to traditional options. Himadri believes that art and code can redefine the way we look at life. Contact Himadri: LinkedIn

  • bitcoin
    BTC$36,442.00
  • ethereum
    ETH$1,376.81
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    Bitcoin Editorials
    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!