Bitcoin price reaches historic all-time high of $24,295
Bitcoin reached a new historic all-time high of $24,295.
Analyst Willy Woo predicts a possible price increase up to one million USD.
The entry of institutional investors into the crypto market and the accompanying rise in adoption have propelled Bitcoin to a new all-time high of $24,295. However, at the time of writing, the Bitcoin price experienced a setback and fell to $22,600. Market capitalization stood at $423 billion, with Bitcoin dominance rising to 66.3 percent.
Based on the recent developments, prominent on-chain analyst Willy Woo describes that Bitcoin is drawing strong bullish fundamentals and in his opinion, a price increase up to one million USD is within the realm of possibility. Woo states that a price target of $100,000 is a rather conservative forecast at this point:
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…
Woo has identified the $50,000 level as important next resistance. If Bitcoin breaks through this strong resistance, BTC will rise to become a multi-trillion dollar asset sizeable marketshare gold:
The next key mark for me is the $50,000-$55,000 Bitcoin, and that puts us into $1 trillion resistance level market cap. If Bitcoin becomes a trillion-dollar asset making, all major macro asset buckets a trillion dollars, and Bitcoin isnt there yet.
New data from Santiment shows that the share of Tether Supply on exchanges has fallen to a new 4-month low. It is a bullish sign as these developments have always been accompanied by further price increment in the past. The following chart illustrates this relationship