Summary:
- Willy Woo has forecasted that we’ll never see a $20k Bitcoin again
- $24k is Bitcoin’s new floor and reachable through a ‘black swan’ event
- Mr. Woo also suggests that Bitcoin has ‘free and unrestrained price discovery above ATHs’
- Bitcoin has set a new all-time high of $34,822 – Binance rate
- There is now a $3,600 CME gap due to the weekend rally
Veteran Bitcoin and Crypto analyst, Willy Woo, has forecasted that we will never see BTC at $20k again. According to Mr. Woo, $24k is Bitcoin’s new floor and only a black swan event would lead to such a breakdown to this level.
Below is Mr. Woo’s statement on the future of Bitcoin.
We’ll never see $20k BTC again. $24k support would need a black swan event to breakdown. Floor price supported by long term buyers is rising very fast.
Bitcoin Has Free and Unrestrained Price Discovery Above ATHs
Willy Woo also pointed out that Bitcoin had little resistance once it broke each all-time high value. According to Mr. Woo, Bitcoin is in ‘free and unrestrained price discovery above ATHs’.
Furthermore, altcoins do not have such an advantage as most are yet to reclaim past glory in the wake of SEC scrutiny of crypto projects such as XRP. Mr. Woo made his analysis of Bitcoin and altcoins via the following tweet.
BTC is in free and unrestrained price discovery above ATHs. Most alts are not.
BTC has the infrastructure and liquidity to take institutional grade investment, alts are underdeveloped.
Plus regulatory authorities cleaning up illegal security sales. Dampens confidence in alts. https://t.co/gCJpARVACF
— Willy Woo (@woonomic) January 2, 2021
Bitcoin Sets new ATH of $34,822, Leaving a CME Gap of $3,600
Mr. Woo’s words on Bitcoin having free price discovery above all-time high values is best demonstrated by BTC’s price action this weekend. Earlier today, Bitcoin set a new all-time high of $34,822 – Binance rate.
What makes this all-time high special is that it was achieved on Bitcoin’s 12th birthday. Twelve years ago, Satoshi Nakamoto mined the Genesis block that would introduce Bitcoin to the world.
Another remarkable achievement with Bitcoin’s weekend price action is that it sets a very large CME gap. The CME bitcoin futures closed trading on Friday at a value of $29,385. Bitcoin is currently trading at $33k which means if the traditional markets open tomorrow at this level, there will be a massive $3,615 gap in the CME Bitcoin futures chart. Such an enormous gap is one reason Bitcoin traders are advising caution moving forward with trading BTC.
Not a Bad Idea to Take Some Bitcoin Profits
In a tweet earlier today, Veteran Bitcoin and Crypto analyst MagicPoopCannon shared that he was taking Bitcoin profits at current levels. His exact statement was as follows.
Not financial advice, but I’m personally taking profits on #BTC. I do expect a pullback soon.