Bitcoin price hits $23K as on-chain analyst says $55K is the ‘next landmark’

The Bitcoin price (BTC) has surpassed the $21,000–$22,000 resistance range to rise above a new high of $23,000 on Dec. 17. Meanwhile, on-chain analyst Willy Woo now says $100,000 is a “ridiculously low” target. The $21,000 level was particularly important for Bitcoin to continue its rally in the near term. Exchange heatmaps showed stacked sell orders at around $21,000 to $21,500, which meant BTC price had to break through to see a broader uptrend.

Exchange heatmaps show no visible resistance levels and areas with large sell orders above ,000. In the short term, this means the probability of BTC continuing its rally is high. Due to the optimistic market sentiment and the sell-side crisis, Woo said the BTC Top Cap Model shows 0,000 is a “ridiculously low target.” He said:

“We are not at the all-time-high juncture where the BTC Top Cap Model starts curving upwards. Let’s see how high she runs in 2021. 0k is a ridiculously low target at the current trajectory. k is the next landmark -> Bitcoin becomes a

T macro asset bucket.” Woo emphasized ,000 as the milestone price for Bitcoin because it would mean BTC would have hit 10% of gold’s market cap.

Currently, gold’s valuation is estimated to be around trillion. Above ,000, Bitcoin would begin eating up a relatively large portion of the market cap of gold, which remains the dominant safe-haven asset.

Exchange order books and volume trends also show that traders have moved their sell orders higher, expecting Bitcoin to rise to ,000 after ,000 was finally breached yesterday.

Bitcoin price hits K as on-chain analyst says K is the ‘next landmark’, CoinTelegraph, Dec 17