Bitcoin has hit a new all-time high of $23,000 after scaling the short-lived resistance range of $21,000 to $22,000. On December 17, after hitting the $23,000 mark, popular analyst Willy Woo has said a $100,000 is now a little too low.
After hitting $20,000, the $21,000 mark was set as a milestone level for Bitcoin to make any significant upward surge. According to a Cointelegraph report, heatmaps from exchanges showed that there were sell orders set for prices between $21,000 $21,500, suggesting that Bitcoin needed to surpass those levels to see more robust upward movement.
Because of the bullish nature of the traders, Willy Woo says that the next landmark is $55,000:
“We are not at the all-time-high juncture where the BTC Top Cap Model starts curving upwards. Let’s see how high she runs in 2021. $100k is a ridiculously low target at the current trajectory. $55k is the next landmark -> Bitcoin becomes a $1T macro asset bucket.”
If Bitcoin hits $55,000, it would be matching up to 10% of gold’s total market cap. Regardless, any price above $50,000 would lead to notable competition in market cap to that of gold.
The above forecast is plausible, considering the continued increase in the rate of institutional investment in Bitcoin.
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