Popular on-chain analyst Willy Woo says that Bitcoin is poised to hit the six-digit price range once its retracement is over.
Woo says in a new interview with Bitcoin bull Anthony Pompliano that based on on-chain data, he believes it’s only a matter of time before the leading crypto asset kicks off the next phase of its bull market.
“This is a bull market. There’s no mistaking this. We’ve got X-ray vision on what the investors are doing, and it’s bullish whilst price is sliding downwards. I think the next major event is when the fundamentals squeeze price action, and we break out of this what I’d call re-accumulation band right in the middle of a bull market.”
According to Woo, his top model is flashing a new price target for Bitcoin at $157,000. However, he predicts that once Bitcoin resumes its bull trend, he expects the model to hike up the price target.
“If we squeeze out of this accumulation band like I’m expecting, I would say that we will start curving upwards into the $250,000 to $350,000 range. Sounds a bit ludicrous right now, but that’s what the model says.”
Although Woo is sharing massively bullish price targets for BTC, the on-chain analyst highlights that he has no idea what will happen to the crypto market once we enter the last quarter of the year.
“I’m not predicting, waiting for some event in the end of the year. I’m more like using on-chain as a map to try and get a grasp of what exactly is happening in the market. I have no idea what’s going to happen in the fourth quarter.”
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The post On-Chain Data Suggests Bitcoin Will Rise to $157,000 After ‘Weird Pullback’ Ends: Analyst Willy Woo appeared first on The Daily Hodl.
