An illustration depicting a Bitcoin. Image: AFP

Renowned crypto statistician Willy Woo says his $200,000 bitcoin price prediction for the end of 2021 now “looks conservative” and believes it may even soar as high as $300,000.

Woo tweeted on Tuesday that he has “never been so bullish” on the top crypto.

He fully expects bitcoin to soar into six figures in 2021, writing: “My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question.” 

Woo based his forecast on his technical Top Cap metric. While Top Cap is “experimental,” according to his analytics website Woobull, it has accurately predicted price tops in the past.

He noted that the decreasing amount of bitcoin held on spot exchanges is a sign that bullish price action will be catalyzed over the next year.

“This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC, ” he tweeted.

Finally, he pointed out that the US dollar gain in bitcoin’s market cap for each dollar invested during this cycle has outpaced the spectacular bull runs of 2013 and 2017.

“All pointing to reflexivity increasing; an amplified 2021 bullish feedback loop.” 

Woo is not alone in predicting gobsmacking gains for bitcoin next year. Citibank recently joined the growing number of traditional players making bullish bitcoin calls. It stated in a recent report that it could reach $318,000 by the end of 2021

Read: Bitcoin could hit $318K in 2021: Citibank