Bitcoin analyst Willy Woo believes the cryptocurrency is experiencing a “full-blown” bull market. This conclusion is based on the surge in capital flowing into the Bitcoin network, which has reached $2 billion per day.
ETF Inflows Boosting Capital
The recent launch of spot Bitcoin exchange-traded funds (ETFs) is believed to be a major driver of these inflows. These ETFs allow investors to gain exposure to Bitcoin without directly owning it, making it more accessible to a wider audience.
Bull Market Still in Early Stages
Woo estimates that Bitcoin’s current price of $72,804 is still early in the bull market cycle, comparable to the $20,000 level in the previous cycle. He attributes this to a reduced presence of “paper BTC,” or derivatives that do not represent actual ownership of the asset.
Upper Bound Price Model
Woo’s upper bound price model for this bull market is $337,000. He believes that the market has the potential to climb significantly higher than its current level.
