Bitcoin price is bound to go past the $100,000 mark in the current Bull Run according to Willy Woo, one of the leading analysts in the cryptocurrency industry. Woo says that he expects the digital asset’s price to rise significantly in the ongoing bull cycle.
Woo made these statements on March 3 while speaking to RT financial news show, the Keiser Report. The well-known crypto industry analyst went further ahead to claim that it is only common sense that a single bitcoin could soon hit a $135,000 valuation.
While giving reasons for his predictions, Woo pointed to the cumulative average bitcoin price saying it is a useful metric for forecasting the cryptocurrency’s future price action. He explained this to TV host Max Kesier saying
You go could 35 times the cumulative average of the price — and that’s actually picked every single top in the ten-year history of Bitcoin — right now that’s sitting above $50,000, but it keeps climbing the longer it runs for.
Woo further backed his claims by referencing the digital asset’s behaviour in the past. He observed that bitcoin always ebbs and flows in line in all its previous four-year block reward halving cycles. Accordingly, the cryptocurrency records new highs in each cycle with bitcoin price action resembling water sloshing in a bathtub. Woo made some bold predictions on the back of these claims saying
If you make a best guess, it’s above $100,000; I think one of the more common-sense predictions would be around $135,000 based on the timing cycle and the 35x of average cap. I am looking at around the $100,000 to $250,000 range depending on how long this bull market runs.
Woo’s forecast will provide some reassurances to the crypto market and bitcoin investors after the asset’s price tanked in the last couple of weeks from its year high of $10,300. Bitcoin continues to trade below $9,000 after failing to sustain its upward momentum upon crossing the psychological $10,000 mark.
Bitcoin also raised suspicions recently after failing to replicate the traditional markets’ rally with critics questioning the cryptocurrency’s price rise in the near term.
Still, the asset continues to trade within its 200-day moving average despite shedding a few hundred dollars from its price in the past week.
Regardless, crypto industry insiders and popular analysts continue to predict high price forecasts. Similarly, technical forecasts indicate that bitcoin price action is within its expected performance ahead of the upcoming halving in May.
Image courtesy of Marco Verch on Flickr
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