On-chain Bitcoin price analyst Willy Woo says he expects Bitcoin to reach millions of dollars a bitcoin over time.
Willy Woo was speaking on the Crypto Gathering event sharing a panel with technical analyst Peter Brandt when he made his bullish prediction.
This prediction comes just weeks after he revised his 2021 price prediction to $300k and even explained Bitcoin at $1 million this year ‘should not be ridiculed’.
Woo explained how Bitcoin’s fundamentals would ensure its market cap would pass gold’s $10 trillion and ultimately end up at millions of dollars per bitcoin.
‘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,’ explained Woo.
‘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 off over the long term, that’s how cheap Bitcoin is today.’
$600k a Bitcoin By 2025?
Woo said he expected adoption to keep growing, and likened the state of Bitcoin now to 1994 Internet, but said he expects the next four years to ‘teleport us to 2005 internet’ with 1 billion people using Bitcoin.
It’s estimated that 100 million people are using, or just have exposure to Bitcoin, and the price is around $60k. So, with Willy Woo’s estimate of x10 more people using Bitcoin by 2025 that means we should have a price of at least $600k then.
And if growth continues at that rate, we should expect at least $1 million per Bitcoin this decade. As bullish as that sounds, it is slower than Real Vision CEO Raoul Pal’s prediction who believes we will see $1 million per Bitcoin by 2025.
Peter Brandt: Bitcoin Is History In The Making
Willy Woo was joined by Peter Brandt on the panel, and the experienced trader was surprisingly bullish on Bitcoin, after coming across as a Bitcoin sceptic on Twitter recently, or should that just be a Bitcoin meme sceptic?
Brandt was extremely bullish on Bitcoin and explained it was now going through its fourth parabolic advance, something he ‘would have even bet his life against’ witnessing in any asset.
‘I’ve traded 46 years. I’ve studied charts over really centuries,’ explained Brandt. ‘And if somebody would have told me that there would be a market during my lifetime that would not only experience a parabolic advance, but experience four parabolic advances on a log scale, I would have bet my life against that. It’s unbelievable.’
Brandt said he would challenge anybody to find any other asset in history that experienced four parabolic advances on a log scale. The self-christened Chart Nerd claimed nobody would because what Bitcoin was doing rewriting history.
‘We’re witnessing history. This is history in the making. This is something that history books will be written on,’ beamed Brandt. ‘ As a trader it’s just unbelievable that I can participate in a market that is going through a situation like this. This is just spectacular.’
Seeing two analysts come together and speak so bullishly about Bitcoin makes it hard to contain your excitement. The panel was hosted by Laura Shin and is worth watching for both analysts’ spectacular insight.