Prime crypto commentator and on-chain analyst Willy Woo says that Bitcoin’s bull market may lengthen for an additional yr following the current push in accumulation.
Throughout in an interview for an episode of the “Bitcoin Fundamentals” podcast, which is hosted by Preston Pysh, Woo famous that long-term Bitcoin accumulators are extra rich than ever, significantly when in comparison with earlier bull cycles.
Woo stated the glut of high-net-worth buyers is optimistic for Bitcoin’s worth outlook, placing a big quantity of shopping for stress on $BTC that would lengthen long-term.
In response to Woo, the earlier technology of Bitcoin holders had been changed within the fourth quarter final yr with “high-net-worth purchasers” that drove the worth increased with accumulation.
As reported by The Every day Hodl, he informed Pysh:
[These investors] had been household workplaces, high-net-worth people that had been shopping for vital [amounts], like $1 million publicity at a time. In order that they weren’t retail, and so they had been shopping for and shopping for and shopping for.
Woo predicted that the brand new crop of buyers would push Bitcoin’s worth previous $100,000:
We’re at that time now the place all the brand new guys that purchased in through the first half of this yr, they’re now long-term holders and so they’re at peak. They’re offering the lock-up that’s essential to drive us into the six-figure [level].
So far as giving a timetable, Woo cited on-chain knowledge that factors to Bitcoin’s bullish cycle extending for an additional yr, with the worth reaching six-figures inside the subsequent six months. He stated a 50% worth enhance would “virtually definitely” happen earlier than the halfway level of subsequent yr, if not “most likely a lot sooner” earlier than the shut of 2021.
The views and opinions expressed by the writer, or any individuals talked about on this article, are for informational functions solely, and they don’t represent monetary, funding, or different recommendation. Investing in or buying and selling cryptoassets comes with a danger of economic loss.