Bitcoin optimist Willy Woo believes that after the recent rise of the cryptocurrency rate to historical highs, the possibility of reaching the $300,000 mark is "not excluded". Wu States that he has "never had such a bullish mood" on the prospects of bitcoin in 2021.
Speaking about potential targets by the end of next year, Wu said he is now considering six-figure levels.
"My model assumes that $200,000 per bitcoin by the end of 2021 seems like a conservative goal. $300,000 is possible – " he wrote. - In the current market, coins were bought for an average of $7,456. You are all geniuses."
Wu uses his own model to determine the highs of bitcoin market cycles. He admits that the tool is experimental, but so far it is quite successfully coping with its task.
The analyst also draws attention to the decline in the supply of bitcoin on exchanges as another bullish factor that will affect the market over the next 12 months.
"The re-accumulation phase coincides with the depletion of stocks in the spot market and takes about twice as long and deeper than in the previous cycle. This will send BTC up, " he adds.
Another important factor, according to Wu, is the profit per dollar invested, which now exceeds the values of 2013 and 2017.
Many market participants see this forecast as utopian, but analysts still have to guess how bitcoin will behave in the event of a confident breakthrough to uncharted territories above $20,000.