Prominent chain analyst and Bitcoin bull Willy Woo announced that he is updating his Bitcoin price target. BTC’s new path points to $ 200,000, according to Woo.
Where is Bitcoin going?
Woo, speaking on an episode of Bitcoin’s YouTube show “What Bitcoin Did” organized by Peter McCormack, describes the $ 29,000 area as a solid support level that will only break in the case of a “black swan”.
“The only time I see such on-chain models breaking is like those very, very short periods of time when everyone goes crazy and abandoned. Normally, they go into a really deep pit and then start over; then it goes back to the norms the basics say, but this happens once in a hundred years and we’ve seen it.
For me right now, it takes a black swan to bring the price down, maybe a little lower, below the level we’ve basically dropped in the $ 29,000 range, below the models I have. It depends on the amount of money received. ”
“It can go over $ 200,000”
Woo explained that the price target for Bitcoin is constantly changing, but that the coin could go above $ 200,000. The well-known analyst wants to see the coming months before making an accurate price prediction.
“The price target moves with the price every day, so we can constantly adjust and look at the trend. Currently, my price target for BTC is above $ 200,000.
$ 200,000 to $ 300,000 is the best point, but I don’t have enough price action data. I want to see how this thing goes in the next three to six months, and then we’ll have something really solid because it’s going to get closer and closer to the top goal. ”