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Popular on-chain analyst Willy Woo says Bitcoin ascending to the seven-figure mark this bull cycle is now within the realm of possibility.
In a new episode of the What Bitcoin Did podcast, Woo reveals his broad range of BTC price targets for the current bull cycle.
“It would need a very steep hockey stick but I can’t say that [$1 million BTC is] out of the question. I can say $100,000 is very conservative. I can say $200,000 is right on track, or somewhere between $100,000 and $200,000 is a very conservative sort of sweet spot… $300,000 to $1 million is actually not much of a gap, believe it or not…
It just reminds me of the moon and Mars metaphors. If you were to go to the moon, the amount of energy it takes you to get to the moon, it’s just a little bit extra to get to Mars. It’s a little bit like that on these charts.”
During the interview, Woo also highlights a key resistance level that Bitcoin needs to bust through before it can reach his targets for this cycle.
Woo points to the $50,000 range as a significant point of resistance that, if surpassed, could send Bitcoin on its way to becoming a multi-trillion dollar asset that eats up a significant portion of gold’s market cap.
“The next key mark in the sand for me is the $50,000-$55,000 Bitcoin, and that broaches us into that $1 trillion resistance level market cap. If Bitcoin becomes a trillion-dollar asset market cap, at that point, all major macro asset buckets are trillion dollars, and Bitcoin’s not even in that league yet.
Once we break that, I think that’s big news and I think that it then becomes a black hole and it sucks in other assets, particularly gold, because it’s kind of an antiquated old version of Bitcoin.”
In other trending Bitcoin News today:
“MicroStrategy CEO Offers To Share His Bitcoin Playbook With Billionaire Elon Musk”
Michael Saylor, the CEO who made a $425 million bet on Bitcoin earlier this year, is offering to advise Elon Musk on how to get started investing in crypto.
According to a tweet posted today, Saylor proposed Musk convert Tesla’s balance sheet into Bitcoin (BTC) — a company whose market capitalization is currently valued at more than $658 billion, according to AssetDash. The MicroStrategy CEO implied a figure like Musk taking the lead on Bitcoin adoption could cause “other firms on the S&P 500” to follow.
Saylor then offered to “share [his] playbook” with the Tesla CEO “from one rocket scientist to another,” stating he had purchased $1.3 billion in Bitcoin this year. The MicroStrategy CEO holds dual degrees from MIT in aeronautics and astronautics, and science, technology, and society.
Musk, the CEO of Tesla and SpaceX, has an estimated net worth of more than $153 billion but as of February 2019 only personally held 0.25 BTC. On the other hand, Saylor, whose net worth is 300 times less — roughly $500 million, according to some estimates — has led business intelligence firm MicroStrategy to make one of the largest Bitcoin investments from a major financial institution this year.
The CEO has seen the value of his initial $425 million BTC purchase this year more than double with the crypto asset’s recent rally to $24,000.
Other crypto players were quick to respond to Musk’s inquiry regarding potentially making such a large crypto purchase.
Sam Bankman-Fried, CEO of Hong Kong-based cryptocurrency derivatives exchange FTX, told the billionaire that he could execute such a plan “over the course of a week.” Gemini co-founder Tyler Winklevoss also jumped into the conversation, advising Musk that there was “plenty of liquidity to get that done.”
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Show Notes / News Resources:
– Willy Woo $1M Bitcoin Prediction:
– Michael Saylor & Elon Musk:
– Bitcoin Technical Analysis:
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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