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.
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.
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.
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.