- Willy Woo predicts the price of Bitcoin to hit $135,000 while he appeared on the Keiser Report.
- Woo says the average aggregated price of Bitcoin can be a good metric to determine the future profits to be gained.
Bitcoin has been expected to reach the $100,000 mark soon as many cryptocurrency analysts have stated in the past, but now, one of the industry’s best-known and most reliable analysts, Willy Woo, has spoken up and agreed with the idea making a slight adjustment.
Willy Woo predicts the price of Bitcoin to hit $135,000 while he appeared on the Keiser Report. Woo stated that this is a very obvious judgment to make at this point, according to the man himself.
Woo says that the average aggregated price of Bitcoin can be a good metric to determine the future profits to be gained. He says that in its ten-year history, the prices normally increase to about 35 times the aggregate average price of Bitcoin, and it has happened every single time when the value has topped.
At the time of his prediction, the cumulative average sits at $50,000, but that is expected to grow to the industry expectation of $100,000 very soon as the coin is picking up on its next bull run.
According to Woo, Bitcoin has seen drops and hikes during every halving cycle and calls the movement in price similar to water sloshing around in a tub. This year marks the next Bitcoin halving event, which is set to take place in May 2020, when many expect the price to increase drastically as the competition for mining becomes more intense with the halving of the reward.
“If you make the best guess, it’s above $100,000; I think one of the more common-sense predictions would be around $135,000 based on the cycle timings and the 35x of the average cap.”
Bitcoin recently saw massive losses dropping from its $10,000 high to lows of $8,300s due to the entire financial market taking a hit under the coronavirus outbreak. Other financial markets have been picking back up.
Still, Bitcoin seems to be yet trading around its 200-day moving average, which has prompted comments from skeptics on the failure of Bitcoin as a reliable asset.
The entire industry has been pushing for Bitcoin to make leaps and bounds in value this year, and more technical analysis says that even at its low right now, Bitcoin is right on schedule for its price hike as the date of the halving comes closer.