Popular cryptocurrency analyst Willy Woo has predicted that bitcoin’s next bull run could see the flagship cryptocurrency’s price hit $135,000 in what he called a “common-sense prediction.”
Woo’s comments came during a conversation with Max Keiser on RT’s show ‘Keiser Report’. In it, Woo went into his work analyzing on-chain data and ended up looking into the price of Bitcoin and his predictions for its future over the next bull run, which he believes is already ongoing. He said:
You could go 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, I believe, that’s sitting above $50,000, but it keeps climbing the longer it runs for so it's time-dependent.
The analyst added that the longer the bull run lasts the higher the flagship cryptocurrency’s price will end up going, noting that BTC has flowed in line with the four-year cycles of its block reward halvings, which have been giving bitcoin’s price “pushes.” As such, his best guess is the cryptocurrency’s price will be over $100,000. He added:
I think one of the more common-sense predictions would be around $135,000
Per his prediction, depending on how long the bull run lasts, the price of the number one cryptocurrency could end up anywhere between the $100,000 and $250,000 marks. It’s worth noting Willy Woo has last year predicted bitcoin’s market cap will surpass $1 trillion by 2025.
CryptoCompare data currently shows bitcoin is trading at $8,700, and that the cryptocurrency’s market cap is of $158.9 billion. Other analysts, including Tone Vays and the pseudonymous trader Filbfilb, have both argued that BTC won’t hit $100,000 over its next bull run and would instead hit $45,000 or $60,000.
The founder of top cryptocurrency mining pool BTC.Top, Jiang Zhuoer, has argued that the next bull run, which is expected to come after the block reward halving event occurs and BTC’s block rewards drop to 6.25 BTC per block, is the last one we will be able to predict.
Featured image via Unsplash.