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Popular crypto analyst Willy Woo joined host Peter McCormack on his ‘What Bitcoin Did’ podcast and the two reflected on the year that has been and also took a shot at the future.
Commenting on the somewhat disappointing year-ending price for Bitcoin, Woo said:
“It was certainly different from what we expected… Most of us were looking at past cycles…
It is a very sophisticated market right now. It is no longer spot-buying… You have got a complex ecosystem.”
Providing his predictions for 2022, Woo said that Bitcoin is setting itself up to rally to new all-time highs in the next year and points out that a jump from Bitcoin’s current all-time high of just under $69,000 to 100,000, would be “nothing”:
“Of course, we get an all-time high. If we break the all-time high properly, we run through the [fibonacci levels]… You know, let’s face it, $69,000 to $100,000 is nothing, it’s only like a 50% gain for Bitcoin, which it does quite readily.”
When McCormack asked Woo specifically on what a possible all-time high figure for Bitcoin in 2022 might look like, the analyst referenced to the stock-to-flow (S2F) model, which considers an asset’s price by putting the total new supply entering the market against the already circulating supply.
Noting that the S2F model should act as an anchor for Bitcoin, Woo expects the price to go above and below but eventually averaging out at the $100,000 level in the long term.
“I would say we will be right in the middle of it. It’s like in $100,000 by the end of next year. And whether we whip up or down, it could go much higher and come back. But roughly the middle line is somewhere around $100,000.”
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When Woo asked McCormack, “do you think it is getting boring?”, the podcast host said that “compared to NFT, it does look boring.” Woo himself noted:
“NFT stuff is early, and no one understands it, and that is exciting. And Bitcoin is pretty well understood now… We kinda understand it very well.. Maybe the Lightning Network, there is some amount of pathfinding there.”
Agreeing that Bitcoin in the early phase was exciting and that it has evolved to being almost almost mainstream now, the two applauded Strike’s Jack Mallers and Block CEO Jack Dorsey. The former Twitter CEO has been an active Bitcoin endorser lately, of which McCormack said:
“He is out there with a fucking machine gun, spreading fire on everyone, and I love it”
Concluding the conversation, Woo was invited to come to Bedford, to cheer on the local football team that McCormack recently acquired with the ambition to bring it to the Premier League by running a Bitcoin-centered strategy.