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Is Bitcoin Going To $55,000? Popular Technical Analyst - Willy Woo Shares His Thougths
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    Nolan Amadi
    Nolan Amadi

    Position Cannot Be Blank!

    2 months ago
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    Key takeaway:

     


    • As you are probably aware by now, bitcoin hit a new all-time high yesterday of more than $23,000. 

     

    • A massive milestone for the leading crypto coin and the overall crypto industry.



    As you are probably aware by now, bitcoin hit a new all-time high yesterday of more than $23,000, a massive milestone for the leading crypto coin and the overall crypto industry. Currently priced at just over $22,700 at the time of writing, many people are predicting bullish activity for the future of the digital asset.

     One well-known analyst on Twitter Willy Woo has said that the flagship coin could still spike in price and even said that the next psychological level is at $55,000.

     For around three years now, many enthusiasts within the industry have been waiting for bitcoin to return to the highs of $20,000. Whereas some people cashed out in 2017 making their profits and leaving the industry for good, others held onto their digital assets waiting for the next high to arrive. Well, that high has well and truly come but could we be in for more in the coming year?

     Woo went on to highlight that currently, we are at a point where the bitcoin top cap model begins to curve upwards. As a result, he believes that bitcoin could continue on a big skyrocket of motion in the coming year.

     He went on to highlight that with $55,000 being the next historic price milestone, it would indicate that the coin will average 10% of the overall market capitalisation that a gold has. The precious-metals has been often seen as a safe haven asset and has been able to get a market capitalisation of $9 trillion. If bitcoin can reach such an achievement in $55,000, a large chunk of market share would’ve been stolen from gold and put into bitcoin.