Popular on-chain analyst and market commentator Willy Woo says Bitcoin’s bull run is far from over.
Woo’s comments about Bitcoin were made while he was being interviewed recently by Brett Messing, President and COO of SkyBridge for episode #208 of SALT Talks. This interview was published on April 29 on SALT’s YouTube Channel.
Here is what he said about drivers of Bitcoin’s current bull run:
“We’re seeing a net flow of coins from participants that have been traditionally more or less speculating or buying over the short term and then selling – maybe they’re like traders that trade in and out of altcoins – but essentially these new people… they’re just buying and locking up the coins. That’s been a very big driver of this bull market, that there’s been strong buying…
“A lot of the conversation has been about institutional investors. That’s true. But also, I think that there are a lot of high-net-worth investors coming in here, coming to buy it in slugs of $1 million at a time. We saw that very strongly in the first two months of 2021.“
As for his price prediction for Bitcoin at the top of this bull market cycle, he said:
“Essentially that gives us a little shove on the price if you’ve got half the amount of sell power from new coins being mined, you get a bullish impulse, and in all the past cycles it seems that that bullish impulse manifests into this crazy run-up. The last one was 2017, [it] took us from $1,000 to $20,000. It tends to peter out around the fourth quarter, around December.
“So ball-parking, December, [based on] that top-cap model of mine: It could be anywhere in the $300,000 to $400,000 range, it might even go higher. But we need to see how it performs over the next six months.”