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Bitcoin (BTC) 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 said that described BTC/USD hitting $135,000 as a “common-sense prediction.”
Woo to Keiser: BTC could soon clinch $250K
Woo highlighted the cumulative average Bitcoin 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.”
Optimism drowns out price skeptics
Woo was speaking as BTC/USD continued trading at around its 200-day moving average after a week of noticeable losses.
A sudden but suspicious rally in traditional markets failed to spill over into Bitcoin, leading to criticism from one skeptic in particular that its successes in 2020 would be short-lived.
At the same time, several industry figures have delivered buoyant price forecasts for the rest of the year, while technical forecasts suggest that current price performance is exactly on schedule prior to May’s block reward halving.