Popular crypto analyst Willy Woo says bitcoin reaching $1 million is not out of the question while calling a rise to $100,000 “very conservative.”
Speaking in the most recent episode of the What Bitcoin Did podcast, Woo explained that bitcoin rising to $1 million was a real possibility, despite requiring a steep increase in price. The on-chain analyst called BTC reaching $100k “very conservative” while saying the crypto-asset was on track to reach a $200k sweet spot.
He said,
It would need a very steep hockey stick but I can’t say that [$1 million BTC is] out of the question. I can say $100,000 is very conservative. I can say $200,000 is right on track, or somewhere between $100,000 and $200,000 is a very conservative sort of sweet spot.
Woo downplayed the gap between $300k and $1 million, comparing the price leap to space travel. According to Woo, the amount of energy required to get to Mars is not significantly more than reaching the moon, despite the obvious discrepancy in distance.
The analyst pointed to $50k as the next significant point of resistance for bitcoin, saying the asset could reach a multi-trillion dollar market cap if passed.
He explained,
The next key mark in the sand for me is the $50,000-$55,000 Bitcoin, and that broaches us into that $1 trillion resistance level market cap. If Bitcoin becomes a trillion-dollar asset market cap, at that point, all major macro asset buckets are trillion dollars, and Bitcoin’s not even in that league yet.
Woo continued, saying bitcoin’s rising market cap could create a “black hole” to suck value from other assets, including gold.
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