Willy Woo, a popular crypto analyst, reports that bitcoin’s (BTC) market cap will likely never fall below $ 1 trillion again. The analyst recently reported to his 388,000 followers on Twitter that the bitcoin rate shows a similar pattern to previous bull runs:
“I’m putting us in the bull run here compared to previous cycles (on-chain data supports this). In my opinion, Bitcoin is completing the first of the “double tops” and it seems that we have to do it with an ascending triangle running sideways. Volatility is visibly lower in this cycle.
Once we get past this region, we are unlikely to ever get below a $ 1 trillion market cap again. The bottom of the next bear market was historically higher than this point. ”
Bitcoin reached a market cap of $ 1 trillion when the price hit $ 53,500, so the analyst does not expect BTC to fall below this price. The bitcoin price is currently fighting for $ 60,000, bitcoin has been struggling to break through this barrier for a month now.
Last night, bitcoin finally broke through this barrier again, peaking at around $ 61,260 this morning, but has since reverted to a downward correction and at the time of writing, the price is on the verge of perhaps dropping back below $ 60,000.
Woo said in an interview with Real Vision a few weeks ago that he thinks that in the future bitcoin will not stop at the infamous market capitalization of gold which is around $ 10 trillion, but will rise much higher making a single bitcoin worth several million.