Happy HODLmas - Bitcoin Soars To New Record High

“People ask if I still believe in my model. To be clear: I have no doubt whatsoever that Bitcoin S2FX is correct and Bitcoin will tap $100,000-288,000 before December 2021," he wrote last month.

As reported, Bitcoin has caught up to the S2F model mean trend line in the past month. 

A "conservative" $200,000-$300,000?

The $200,000 price prediction is even becoming relatively tame, according to other analysts. Popular on-chain analyst Will Woo says he's seeing more evidence of "hodling" this time around, as well as a dwindling BTC supply on exchanges as a result of the previously-mentioned shortage of stock.

(Click on image to enlarge)

BTC reserve on all exchanges. Source CryptoQuant

According to Woo, this will be a double-whammy for the bears.  

“My Top Model suggesting $200K per BTC by end of 2021 looks conservative, $300K not out of the question."

“I've never been so bullish for 2021," he continues in another post. "This re-accumulation phase coincides with spot market inventory depletion roughly 2x longer and deeper than the last cycle. It will send BTC.”

$400,000 and higher for "digital gold"? 

Even higher price predictions stem from the argument that Bitcoin can challenge — or is already starting to challenge — and eventually supplant gold as a de facto store of value. Interestingly, some of the most bullish forecasts have started to come from legacy finance as Bitcoin rose to new all-time highs in early December to vastly outperform gold in 2020. 

In November, for example, an analyst from Citibank told clients in a note that Bitcoin could reach as high as $318,000 in 2021. Citibank managing director Tom Fitzpatrick cited Bitcoin's historic “unthinkable rallies followed by painful corrections.”

Currently, the Citibank executive believes BTC is in the middle of a bull run that appears to be in “what looks like a very well defined channel,” which sets it up for a $318,000 target in December 2021. 

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