On-Chain Analyst: Bitcoin May See a Double Pump from $37.4k
Willy Woo, an on-chain analyst, predicts the Bitcoin price to post a double pump just when prices posted a new high above $37.4k, earlier arguing that the rally is far from over. He points back to previous cycles in 2013 and 2017, where the digital asset's price rallied at the back of capital influx. Specifically, in 2017, the BTC/USD price benefited from retail investors. However, the tune is changed from 2020, where high net-worth investors, believing in a de-risked Bitcoin, are flowing in, steadying prices.
Bitcoin, banks and analysts say, is a store of value alternative that is a "better gold." This means, due to its digital existence, the asset can be used to move value without third parties, cheaply and securely. Its supply is also fixed. With increasing legitimization and the need to store value away from the risks faced by traditional assets, Bitcoin prices continue to rise. Reflecting on this demand are interesting on-chain metrics that point to trend continuation propped by a spike in capital to an emerging, small but potent asset increasingly being hoarded by institutions.
Impact on the BTC Price:
Bullish. Earlier on, Willy Woo said only, but a fraction of the world's population knows what Bitcoin is. By 2024, he projected, a significant portion would know what BTC is, a development that may see the digital asset pump higher, commanding trillions in market cap, even rivaling gold.
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