Canada Adopts International Crypto Tax Reporting Standard
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Bitcoin price could surge to hit $300,000 USD by this time next year, according to statistician Willy Woo.
He expressed his bullish sentiments in a Twitter thread indicated his rationale behind the prediction.
Views on 2021 (THREAD):
My Top Model suggesting $200k per BTC by end of 2021 looks conservative, $300k not out of the question.
The current market on average paid $7456 for their coins. You all are geniuses. pic.twitter.com/5t1pHXwE0b
— Willy Woo (@woonomic) December 1, 2020
His estimation is based on his Top Model trend analysis, which indicates that a $200,000 USD price tag for the leading cryptocurrency is likely, with a $300,000 USD figure “not out of the question.” His Top Cap metric model is the basis for his bullish projection, which takes historic movements and predicts future plausible trends for Bitcoin. Using data collated from various sources, such as Glassnode, Woo foresees the next cycle of Bitcoin as an aggressively bullish one. He wrote:
“I’ve never been so bullish for 2021. This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”
Bitcoin price analysts bullish on 2021
Woo is not the only one to look towards the future of Bitcoin with positive projections. Other well-known experts in the cryptocurrency industry are also hopeful for a rally next year. Given the state of the global economy, the safe-haven nature of Bitcoin, and the recent adoption from institutional investors like Grayscale and Square, the sentiment surrounding the token’s price remains high.
Mike Novogratz, a well-known investor in the market, for example, believes that Bitcoin will surge to break it’s all-time high figure to tag above $20,000 USD before sending to $65,000 USD. Gemini twins Cameron and Tyler Winklevoss have made their prediction on the price of Bitcoin reckoning it’s just a “matter of time” before Bitcoin is worth $500,000 USD.