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The price of Bitcoin has exceeded 23 thousand dollars!

The price of Bitcoin (BTC) rose as high as $ 23,400 on December 17, passing the resistance zone of $ 21-22, 000. Analyst Willy Woo said $ 100,000 is now a “comically low” price target.

BTC / USD weekly chart (Bitstamp). Source: Tradingview

The $ 21,000 was a particularly important level for Bitcoin to sustain the rally in the short term. Heat maps of the exchanges showed sales orders of $ 21,000- $ 21,500, which means Bitcoin has to pass that level to keep up its upward trend.

100 grand is now a modest price target. Source: Woobull.com

Bitcoin begins price discovery
Heat maps of the exchanges show no resistance or large sales orders above $ 22,000. That means the Bitcoin rally will continue in the short term.

Analyst Willy Woo called the $ 100,000 “comically low price target” due to positive market sentiment and a Sell-Side crisis, and said:

“IN THE CURRENT TREND, $ 100,000 IS A RIDICULOUSLY LOW PRICE TARGET. THE NEXT MILESTONE WILL BE $ 55,000, AND BITCOIN WILL BE A MACRO ASSET WITH A MARKET CAPITALIZATION OF $ 1 TRILLION.“

Woo stressed that if the price of Bitcoin reaches $ 55,000, the cryptocurrency’s market value will reach 10 percent of the market value of gold. Gold now has a market value of about $ 9 trillion.

Bitcoin order book and heat map. Source: Material Indicators

The stock market’s orders book and volume trends also show that investors are raising their sales orders and expecting the price of Bitcoin to rise to $ 30,000. If futures, options and spot markets can maintain momentum in the coming days, the likelihood of Bitcoin rising to $ 30,000 increases.

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