Bitcoin has spent the last few days shooting up. The currency has again crossed the $40,000 line after trading in the mid-to high $30,000 range, the lowest it has been in several months. All is looking better, and analysts are hoping this is the start of another rise to the top for the world’s number one crypto by market cap, and yet according to Willy Woo, things are not quite where they need to be.
Willy Woo Sees $200K for BTC
Woo had originally believed that bitcoin was going to end the year on the highest note possible. He is now stating that bitcoin is likely to end the year at only $200,000, which is still considerably higher than where it is now, though he believes it likely would have shot up higher had it not been for the bearish activity it has been enduring over the past month.
In a recent interview, Woo revealed that there was good news in the sense that bitcoin is not necessarily trapped in a bear market at this time, and he does not feel the currency’s fall into the $30,000 range was anything to worry about particularly. However, up to that point, he was feeling rather confident that the currency was likely to shoot up to about half a million dollars, and now that it has been in “sleep mode” for some time, this may not occur.
[Bitcoin] was starting to look like it was winding up to $300K, $400K, even $500,000 near the end of this year. Now, it is starting to reduce its trajectory. It looks like it will comfortably reach $200,000. It might reach $300,000, but we have to see how that develops.
Woo claims that the damage done to bitcoin by Elon Musk was greater than anyone could have imagined. He believes that Tesla’s decision to end all bitcoin payments for goods and services before they even began really set everyone into the wrong frame of mind when it came to cryptocurrency and caused the world’s biggest digital asset to experience the worst drop in its 12-year history.
When that tweet came out, it instigated severe amounts of selling, not only on derivative markets and spot markets. We are now in this situation where bitcoin is heavily discounted below fundamentals.
Some Think Six-Figure Territory Is Out of the Question
Rafael Schultz-Kraft – CEO of on-chain intelligence enterprise Glass Node – said in an interview that he agrees with Woo’s sentiment that this was just a simple correction, though he believes his end-of-year price prediction of $200K is still unrealistic, and that bitcoin is not likely to enter six-figure territory before 2021 is out. He says:
I still would not be very surprised if we get another burst of pain, and another kind of, you know, shakeout, before we start regaining the bull market trend.