Top crypto commentator and on-chain analyst Willy Woo says that Bitcoin’s bull market could extend for another year following the recent push in accumulation.
During in an interview for an episode of the “Bitcoin Fundamentals” podcast, which is hosted by Preston Pysh, Woo noted that long-term Bitcoin accumulators are more wealthy than ever, particularly when compared to previous bull cycles.
Woo said the glut of high-net-worth investors is positive for Bitcoin’s price outlook, putting a significant amount of buying pressure on $BTC that could extend long-term.
According to Woo, the previous generation of Bitcoin holders were replaced in the fourth quarter last year with “high-net-worth purchasers” that drove the price higher with accumulation.
As reported by The Daily Hodl, he told Pysh:
[These investors] were family offices, high-net-worth individuals that were buying significant [amounts], like $1 million exposure at a time. So they weren’t retail, and they were buying and buying and buying.
Woo predicted that the new crop of investors would push Bitcoin’s price past $100,000:
We’re at that point now where all the new guys that bought in during the first half of this year, they’re now long-term holders and they’re at peak. They’re providing the lock-up that’s necessary to drive us into the six-figure [level].
As far as giving a timetable, Woo cited on-chain data that points to Bitcoin’s bullish cycle extending for another year, with the price reaching six-figures within the next six months. He said a 50% price increase would “almost certainly” occur before the midway point of next year, if not “probably much sooner” before the close of 2021.
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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