Optimism around bitcoin (BTC) has significantly increased following the leading cryptocurrency’s ascent beyond the $60,000 mark this month. The renowned stock-to-flow (S2F) model’s creator, Plan B, forecasts “10 months of face melting FOMO,” while others are of the view that BTC could reach $1 million by 2033. In recent days, onchain analyst Willy Woo has also contributed his insights, explaining on Monday that BTC is merely getting started.
“So you think we’re in a bull market?” asked Woo on the social media platform X. “We’re not, this has been the warm-up. A full fundamentals driven bull market is marked by a break of the upper blue band. When it breaks, Tradfi (traditional finance) is in for a shock.” Woo further shared a BTC macro index chart to support his statement. Woo has made some notable calls over the years and last November, he said BTC would likely never drop below $30K. “We’ll probably never see BTC going below $30k again if this onchain pattern holds true,” Woo stated three months ago.
On March 6, Woo explained that capital is flowing into bitcoin. “July 2010, BTC was 0.7 cents, it popped 10x in 5 days, then another 1000x 2 years following,” Woo posted on X. “Why? BTC was introduced to global liquidity with the advent of Mt Gox. Bitcoin just got listed on the worlds stock markets which holds ~$100T of capital, and they are piling in.” Woo further added:
[Technical analysis] charts will signal overbought, traders will try and short. BTC will run those charts over like a freight train. I saw this happen last cycle, late 2020, when hoards of HNW rushed in with spot buys of $1m tickets.
As bitcoin’s narrative progresses, these forecasts suggest a pivotal era on the horizon, surpassing tradfi limits and expectations. With the community’s significant anticipations and Woo’s analysis of fundamental changes, the path indicates a time when BTC may not just contest but also reshape the concepts of wealth preservation and traditional investment strategies. Yet, the truth of these ambitious expectations will unfold with time, as much speculation relies on historical patterns that might not hold true in the future.
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