Bitcoin price target has been recently updated by the important analyst Willy Woo. He also made sure to address the importance of a black swan event for the king coin.
Bitcoin predictions have been really optimistic lately, and they continue in the same matter these days.
The online publication the Daily Hodl notes that during an episode of What Bitcoin Did with Peter McCormack, Woo said that the $29,000 area is definitely a solid support level that would only break in the event of a black swan.
“The only times these kinds of on-chain models I’ve experienced break is like the Covid black swan, and a lot of that is like very, very short time frames where everyone freaks out, and they dump. Normally, what happens is that they go really down into a deep pit, and then it rebounds, and then it comes back to the norm of what the fundamentals say, but that was a one in a one hundred year pandemic, and we saw that, and it broke the models,” he began his thesis.
The $29k resistance level would only be broken by a black swan event
He continued and said that “But that’s what a black swan is meant to do. It’s meant to break all your models. If that happens, then the model is either broken or we’ve hit a black swan…”
He also said that “Right now it would take, for me, under the models I have, it would take a black swan to push the price below essentially what we bottomed out at on the $29,000 range on a daily close, maybe slightly a little bit below, but it would really take something extreme, and that’s based on the amount of money that’s come in.”
He said that in the long run, we could look at BTC being above $200k trajectory. He said that $200k and $300k are the sweet spot, but he does not have enough price action data.
Check out the video above in order to learn more about what he had to say.
At the moment of writing this article, BTC is trading in the green, and the coin is priced at $35,670.72.