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.
Image Credits: Pixabay
