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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