Bitcoin Price: Willy Woo Reveals Next Target for BTC After $100K!
The current Bitcoin price surge has sparked fresh optimism in the market. Moreover, prominent BTC maximalist Willy Woo and digital asset trading firm QCP Capital offer insights on potential price levels and drivers for Bitcoin’s ongoing rally.
What’s Next Target for Bitcoin Price?
Woo, a well-known Bitcoin analyst, highlighted BTC’s next price targets in a post on X (formerly Twitter), forecasting significant price levels ahead. He noted that Bitcoin price has reached a key resistance range between $88,000 and $91,000, a level he attributes to “both local fib levels and liquidation levels where most of the shorts have been taken out.”
Furthermore, the BTC maxi explains that reaching this level signifies “the end of compulsory buying from short sellers getting culled,” as BTC consolidates at this resistance point. He further projected a second key target around $102,000, based on Fibonacci retracement levels calculated from “last cycle high and this cycle low.”
#Bitcoin price levels.
88-91k then 102k
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,
,Explainer.
When BTC breaks into all-time-highs, there’s no prior history of resistances for the market to trade around. This means price goes into unfettered price discovery, expect wild swings.
In these situations we have 2…
— Willy Woo (@woonomic) November 12, 2024
Woo elaborates that Bitcoin price movements at these levels are a consequence of the absence of historical resistance at all-time highs. This scenario sends Bitcoin into what he describes as “unfettered price discovery,” where prices exhibit “wild swings.”
If that plays out it would be part of the consolidation. 88-91k was the target price to hit before engaging a cool off phase.
— Willy Woo (@woonomic) November 12, 2024
In such situations, Woo notes, there are “2 guides to find new resistances: Fibonacci bands, using magic numbers seen in nature, and real liquidation levels of market positions.” He indicates that Fibonacci levels and market liquidation data serve as critical indicators for Bitcoin’s future price resistances, and he continues to monitor where “new liquidations cluster around.”
QCP Capital’s Analysis
In parallel, QCP Capital recently published an analysis on Bitcoin’s structural shift within the financial landscape. In a report today, the firm commented on Bitcoin price’s recent performance in comparison to traditional safe-haven assets like gold. QCP analysts noted that, “since the election, gold has declined by 5% while Bitcoin has surged by 30%.”
They attributed this trend to an increasing demand for Bitcoin as “digital gold.” They describe the movement of capital from gold to Bitcoin as “increasingly structural,” citing a possible reallocation of investments as Bitcoin gains traction among investors traditionally focused on safe-haven assets.
According to QCP, Bitcoin’s market capitalization, now around $1.73 trillion, has surpassed silver’s total market cap, yet it remains significantly lower than gold’s $17.5 trillion valuation. They argue that if even a small fraction of the capital allocated to gold were to flow into BTC, the crypto could see a substantial price increase.
Specifically, QCP estimates that “if even 1% of capital from gold were to flow into BTC, it could propel Bitcoin to around $97k.” This suggests a major upside for Bitcoin price should this narrative solidify.
The report further highlights that Bitcoin price’s current position just below the $90,000 mark has led to a sharp increase in futures basis, particularly in contracts expiring at the end of November. QCP noted, “the end-November basis has surged to over 18%, accompanied by strong interest in far-out calls at 110k and 120k strikes.” This reflects a rise in leveraged positions and investor interest in high-end strike prices as they anticipate a potential breakout above current levels.
