The Bitcoin course seems to be making itself comfortable at 35,000 US dollars and the other top 10 coins are now more spattered than plopped. On the other hand, Hodler of the Altcoins Enjin and Hedera Hashgraph (HBAR) can look forward to bullish news – including massive price increases. Crypto analyst Willy Woo is convinced that these will also be popular with Bitcoin in the long term.
The market update
The Bitcoin course continues to take a breather – after all, a parabolic rally can be quite exhausting. At press time, BTC is trading above $ 35,000 after failing to recapture $ 38,000 yesterday January 19. With a monthly plus of over 50 percent, the 30-day balance of the crypto key currency is still lush.
Where the journey for the Bitcoin course will ultimately take is a great one to speculate about. While a survey by Deutsche Bank among investors paints a bearish picture for 2021 – a large number of respondents assume that Bitcoin and tech stocks like Tesla will move in bubble territory – Bitcoin observers like Willy Woo are correcting their analyzes upwards. On Twitter, Woo increased his forecast for the Bitcoin price from USD 100,000 to USD 200,000. And relies on the top-cap analysis model.
Uh oh, $ 100k price targets too low
Upward movement detected in the top-cap model. Now on track for $ 200k minimum.
Woo made his experimental metric already in February 2019 before . In his top-cap model, he multiplies the average market capitalization of Bitcoin (since 2010) by 35 in order to determine maximum values for the Bitcoin price. According to Woo, the metric has proven to be apt, at least in retrospect.
A brief history of the BTC tops since the Genius [sic] block. Earliest tops didn’t hit. Basically, that says that there was a perceived price for BTC before October 2009 when we first established a market price, we just don’t have any data on what it was.