Top Cap Model

Average Cap is the cumulative (forever) average of market cap since 2010; Top Cap = 35 × Average Cap, Willy Woo's empirical multiple. Shown as price: Top Cap ÷ circulating supply, with supply derived from the halving schedule.

The 2011, 2013 and 2017 tops touched the Top Cap line; the 2021 top reached only ~40% of it — the model tends to overshoot in later cycles as the early low-cap era's drag on the average fades. Use as an order-of-magnitude cycle-top reference, not a price target.