The bold predictions about Bitcoin keep popping up in the crypto space. The latest one that just surfaced is pretty mind-blowing.
Check it out below.
Willy Woo said BTC would hit $2 million
Bitcoin trader and analyst Willy Woo just said that a growing Bitcoin supply crisis would launch the asset towards a multi-trillion dollar evaluation.
In a new interview on Real Vision, Woo explained that by following the movement of Bitcoin into and out of exchanges, it is clear that BTC supplies are drying up.
It’s been also revealed that he expected that the market would see a supply crunch that is even more drastic than the one which caused the king coin to rise in price by about 2,000% in 2017.
“We can see this from tracking the flows of coins out of the exchanges, where typically people speculate or buy and sell their coins, and they have a set inventory, some of which is allocated for speculation. We’ve just seen an unprecedented amount of depletion of that inventory,” he said as cited by the Daily Hodl.
He continued and said: “If you look back in the 2017 bull market, we saw like a five month depletion of inventory, and that was enough to propel the bull market of 2017 right up to the $20,000 [mark] from what initially was about $1,000 to $1,500 when the inventory depletion ended, and now we’re in this zone of the Lehman’s 12 months of inventory depletion.”
It’s been also revealed that as the market is running out of Bitcoin and institutional investors still learn about its benefits, Woo is expecting that the market cap will surge and surpass the one of gold. BTC will be priced at $2 million in his opinion.
“Once you get a glimpse of something that’s easy to access like Bitcoin without the trouble of holding assets like real estate, it’s going to take a big chunk out of that. There’s no way Bitcoin is going to stop at the market cap of gold, which is $10 trillion, it’s going to go a lot higher,” he said.