Prominent on-chain data analyst Willy Woo says that Bitcoin’s market cap will probably never dip below the $1 trillion mark ever again.
In a series of tweets, the widely followed trader posits that Bitcoin’s price action is mirroring similar periods of previous bull runs right before the continuation of an upward explosion.
“I’m putting us here in the bull run compared to past cycles (on-chain data supports this).
Double top theory: in my opinion, Bitcoin is completing the first of the ‘double tops,’ and turns out an ascending triangle going sideways is all we get.
Volatility is visibly lower this cycle.”
Woo elaborates that once Bitcoin gets out of the $1 trillion market cap area, which is a price of $53,500 per BTC, the flagship cryptocurrency will likely never revisit the price level ever again.
“Once we clear this region, we’re unlikely to ever go below $1T cap again. The bottom of the next bear market historically has been higher than this juncture.”
The analyst notes that 11.5% of all BTC in circulation were last moved above Bitcoin’s market cap of $1 trillion, implying massive support at the $53,500 price level.
“We did get 2 days closing below $1T cap, and it was quickly rejected.”
On a larger timeframe, Woo is on record predicting that Bitcoin will break above $2 million as it faces a massive supply shock and the masses realize how easy it is to store value in BTC compared to other assets.
“Once you get a glimpse of something that’s easy to access like Bitcoin without the trouble of holding assets like real estate, it’s going to take a big chunk out of that. There’s no way Bitcoin is going to stop at the market cap of gold, which is $10 trillion. It’s going to go a lot higher, which means that we’re going to be going into the millions of dollars per coin, which is hard to believe right now, but if you look at the sheer fundamentals and stretch it over the long term, that’s how cheap Bitcoin is today.”
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