A record “organic” price valuation based on long-term investors paves the way for uncharted price territory for Bitcoin (BTC), the statistician Willy Woo says.
Bitcoin (BTC) has hit an all-time high this week, according to one price measurement from well-known statistician Willy Woo.
In a series of tweets on Oct. 27, Woo added to his recent bullish prognoses on Bitcoin, saying that one valuation of BTC/USD was higher than ever.
Woo: “Price will follow” NVT valuation
Woo referred to Bitcoin’s network value to transactions (NVT) ratio, which aims to suggest when the Bitcoin network is overvalued in comparison to the actual value of transactions passing through it.
As of Tuesday, Bitcoin’s “organic valuation” based on NVT had passed $10,000 for the first time.
“While we wait for BTC post an all-time-high, both on the monthly chart of $14k and the 20k prior top[,] I’ll point out that the organic valuation under NVT Price from underlying long term investors is already at an all-time-high,” Woo commented.
Bitcoin challenges $14,000 final resistance
This observation came as Bitcoin price action showed no signs of bearish corrections, surging to highs of $13,850 on Oct. 28 — matching the peak of the 2019 bull run.
As it was reported, analysts continue to see relatively little resistance between $14,000 and Bitcoin’s all-time highs of $20,000. Should the $14,000 level break, they argue, it is the beginning of fresh highs.
“In markets when all-time-highs are breached, there’s no prior history to go back on, so price discovery swings wildly upward exploring different levels as there’s no history to say ‘that’s not valid,’” Woo added.
Among those sensing new all-time highs before the end of the year are Gemini exchange co-founder Tyler Winklevoss and Real Vision CEO Raoul Pal, the latter giving a maximum timeframe of early 2021 for the event to take place.
Currently Bitcoin has been trading around $13,600, having momentarily fallen to $13,480 before recovering.