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October 2, 2022
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Analyst says Bitcoin is on track to achieve “at least $ 200,000”

Bitcoin for $ 200,000 soon?

Prominent cryptocurrency analyst Willy Woo has revealed that he believes the price of Bitcoin will reach at least $ 200,000 based on a recent upward movement in the higher capitalization of its price model.

Woo shared the change on Twitter, pointing out that he now believes that a $ 100,000 price target is “very low”, and BTC is “on the way to a minimum of $ 200,000”. The highest capitalization metric was created by Willy Woo and is the market capitalization of cryptocurrency multiplied by 35.

“Uh Oh, $ 100,000 price targets are very low.

Upward curved movement detected in the Top Cap model. Now on the way to a minimum of $ 200k. “

Historically, the market capitalization of cryptocurrency has “hit the market tops”, which would mean that Bitcoin could reach $ 200,000 and then correct significantly after the bull run that takes it there. Looking at the Woo charts, the metric really matched several of the major tops on the market.

In 2013, the cryptocurrency price peaked at $ 230 before being corrected, corresponding to the upper limit indicator. In December of that year, BTC was trading at $ 1,000 close to the indicator as well. The next top of the market that he came to came in late 2017, when Bitcoin hit a high of close to $ 20,000 and the metric was corresponding to $ 20,300.

The analyst’s indicators also include the Cumulative Value Days Destroyed (CVDD), which “has historically hit rock bottom. The metric accurately measured Bitcoin’s minimum price in 2015 of $ 150, and its lower value slightly above $ 3,000 in December 2018.

On Willy Woo’s charts, CVDD is currently at $ 6,600, which implies that if BTC entered a bear market in the near future, it would reach $ 6,600. It is important to note, however, that at the end of 2017, when BTC was at its peak, CVDD was $ 1,776 and progressed to over $ 3,000 in its one-year bass market.

It is important to note that at the end of last year Woo said that the price of Bitcoin reaching $ 1 million is a possibility and stated that a $ 100,000 price forecast was “very conservative”, rather than aiming for a valuation between $ 100,000 and $ 200,000 for this cycle.

Source: CryptoGlobe

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