Bitcoin (BTC) price broke through the $ 21,000 – $ 22,000 resistance range to climb above a new high of $ 23,200 on December 17. Meanwhile, on-chain analyst Willy Woo currently says $ 100,000 is a target “ unreasonably low ”.

Weekly chart of BTC / USD (Bitstamp). Source: Tradingview

The $ 21,000 level is especially important for Bitcoin to continue to rise in price in the near term. The exchange's heat map shows sell orders stacked between $ 21,000 and $ 21,500, meaning that the price of BTC must break out to see a broader uptrend.

The Bitcoin Top Cap Model set $ 100,000 as a conservative target. Source: Woobull.com

BITCOIN STARTS TO DISCOVER PRICES

Exchange heat map does not show resistance and areas with large sell orders above $ 22,000. In the short term, this means that the probability of BTC continuing to rise is very high.

Due to the optimistic market sentiment and the sell-off crisis, Woo said BTC's Top Cap Model shows $ 100,000 as “ridiculously low target”. He say:

We're not at an all-time high that BTC's Top Cap Pattern starts to curve up. Let's see how high it will run in 2021. $ 100k is a ridiculously low target in current orbit. $ 55k is the next milestone -> Bitcoin becomes a group of macro assets of $ 1 trillion.

Woo emphasized that $ 55,000 is the key price of Bitcoin as it means that BTC will reach 10% of the market cap of gold.

Currently, the valuation of gold is estimated at around $ 9 trillion. Above $ 50,000, Bitcoin will start to make up a relatively large share of the market capitalization of gold, which remains the dominant safe-haven asset.

Bitcoin order book and heat map. Source: Material Indicators

The order book on exchanges and the trend of volume also showed that traders moved their sell orders higher, expecting Bitcoin to rise to $ 30,000 after the last $ 20,000 broke down on the day. yesterday.

If the dynamics of futures, options, and spot markets persist throughout the coming days, the probability of BTC hitting $ 30,000 remains high.