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The Bitcoin price is heading to at least $100,000 during the bull cycle which has already begun, one of the industry’s best-known analysts has confirmed.
Speaking to RT financial news show the Keiser Report on March 3, Willy Woo described the BTC price hitting $135,000 as a “common-sense prediction.”
Woo to Keiser: BTC could soon clinch $250K
Woo highlighted the cumulative average Bitcoin (BTC) price as a particularly effective metric for forecasting future gains.
“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,” he told host Max Keiser.
Explaining that Bitcoin ebbed and flowed in line with the four-year cycles of its block reward halvings, Woo likened new highs in BTC/USD to water “sloshing” in a bathtub.
“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 cycleture and the 35x of average cap,” he continued.
“I’m looking at around the $100,000 to $250,000 range depending on how long this bull market runs.”
In other Crypto news today:
India’s Supreme Court (Effectively) Unbans Bitcoin & Crypto Per excerpts of the Bloomberg article shared by Three Arrows Capital’s Su Zhu, judges today ruled that the Reserve Bank of India was wrong in banning banks from offering services to those that dabble in cryptocurrency.
Commenting on this decision, Joe McCann, a prominent cryptocurrency analyst and an AI/cloud specialist at Microsoft said in a message published to his Telegram channel:
“If true, India is nearly as big as China. That would open up a potentially large market for Bitcoin buyers…”
Indeed, prior to the restrictions placed on the cryptocurrency industry, India was a hotbed for innovation regarding this industry.
Thus, a de-escalation of said restrictions by the regulators could revive Bitcoin investment and the level of technological developments for other projects.
NewsBTC’s very own Joseph Young said that this “will be the biggest news of the year,” likely referencing the abovementioned sentiment.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Bitcoin’s hash rate has hit another all-time high.This has happened in the face of a potential pandemic, absolute chaos in the public markets, and helicopter money being distributed in Hong Kong.
Bitcoin doesn’t care about anything other than doing what it was built to do. pic.twitter.com/q5VF2AFn0D
— Pomp 🌪 (@APompliano) March 3, 2020
India’s Supreme Court Just Made an Extremely Bullish Ruling For Bitcoin
https://cointelegraph.com/news/bitcoin-hash-rate-passes-record-150-quintillion-as-price-reclaims-9k
https://cointelegraph.com/news/bitcoin-hitting-135k-this-bull-cycle-is-common-sense-willy-woo
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Navigating the Storm: Bitcoin Faces Prospect of Consolidation until 2022 Amid Mass Wipeout
In a sudden turn of events, the cryptocurrency market is grappling with a mass wipeout that has sent Bitcoin’s price tumbling to $41,000, leaving investors and enthusiasts on edge. The latest speculation suggests that Bitcoin could undergo a period of consolidation, extending into 2022, as the market attempts to find stability after the recent wipeout.
The article at the center of this discussion sheds light on the challenges faced by Bitcoin as it experiences a significant price correction. The term “consolidation” suggests a period of relative stability, wherein the cryptocurrency may trade within a certain range as market forces seek equilibrium.
The mass wipeout has caught the attention of the crypto community, prompting questions about the factors that led to this abrupt downturn. External factors such as regulatory developments, macroeconomic trends, and market sentiment often play a role in shaping Bitcoin’s price movements, contributing to moments of volatility.
For investors, the prospect of Bitcoin consolidating until 2022 introduces a period of uncertainty. Such phases can test the resilience of the market and the resolve of those engaged in the crypto space. The key question becomes: What factors will determine Bitcoin’s trajectory during this consolidation period, and what should investors keep in mind as they navigate these stormy waters?
While market analysts may provide insights into potential catalysts and outcomes, it’s essential for investors to approach predictions with caution. The cryptocurrency landscape is dynamic, and unforeseen events can impact the trajectory of digital assets. Staying informed, diversifying portfolios, and exercising risk management are critical strategies for weathering market turbulence.
As Bitcoin faces the possibility of consolidation until 2022, it’s important to recognize that such periods are not uncommon in the volatile world of cryptocurrencies. Past market cycles have demonstrated the resilience of digital assets, with periods of consolidation often preceding renewed momentum.
Whether this period of consolidation serves as a necessary recalibration for Bitcoin or marks a more prolonged phase of uncertainty remains to be seen. As the crypto community watches and waits, the coming months will likely provide more clarity on the trajectory of Bitcoin and the broader cryptocurrency market.
In the grand narrative of Bitcoin’s journey, periods of volatility and consolidation are but chapters in the ever-evolving story of digital currencies. As the year unfolds, market participants will continue to adapt, learn, and position themselves strategically in response to the shifting dynamics of the cryptocurrency landscape.
