On-Chain Expert Predicts $162K Bitcoin Peak This Cycle
03 Agosto 2021 - 1:00AM
NEWSBTC
Bitcoin continues to beat expectations this year. Despite most
investors speculating the bull market was already over, the digital
asset has posted another rally that shows that the market might in
fact still be in a bull cycle. The last two weekends have seen
bitcoin prices adding at least $4,000 in the span of three days.
Breaking what has been a slow and brutal downtrend cycle in the
market for the last month. Now, on-chain expert Willy Woo was on
the podcast What Bitcoin Did to talk about the price of bitcoin and
give his predictions regarding the price. Woo, for one, does not
believe that the digital asset has peaked yet for 2021. Giving
incredibly positive predictions for the asset for the rest of the
year. With just five months left to go, there is still ample time
left for various predictions to play out. Related Reading
| Bitcoin To Reach New All-Time Highs, Market Strategist Willy
Woo’s forecast shows that the expert still believes the bull run is
still on, made evident by the recent price movements registered in
the market. Digital currencies like bitcoin were showing gains of
up to 10% in a day as prices rallied to push the coin value higher.
No Bear Market Woo said on the podcast that there would be no
full-blown bear market following the ending of the current bull
cycle. This would mean that the price of bitcoin would most likely
keep fluctuating, but probably never get to the points the market
had following the last bull market in 2018. Related Reading
| Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s
Why Continuing on, Woo said there would be no repeat of the 2013
cycle imprint. Bitcoin would likely chart new courses, as even now,
the digital asset has shown deviating patterns from other bull
markets. As it seemed the bull market had drawn close after the May
price crash. But the recent recoveries show that indeed, the
digital asset is charting new courses going forward. Following
this, Woo believes the digital asset’s price would just wander
around with supply and demand. And even halving events that lead to
a price increase would have significantly less impact on the value
of the asset. Related Reading | Why Another Wave Up For
Altcoins Is Probable According To BTC Dominance Woo predicted
bitcoin peaks would be less dramatic. Since price peaks of the
digital asset have almost always been a short run-up, which leads
to new all-time highs. Followed by sharp price crashes that usher
the beginning of the next bear market. This would mean that bear
phases would be shorter also, according to Woo. Lasting for fewer
periods of time than previous bears. Future Bitcoin Price Action
Woo’s price prediction for Bitcoin placed it at $162K. Going as far
as saying that a $200,000 price mark is still possible for the
digital asset this year. This puts Bitcoin on a tremendous run path
to get to such a high prediction. BTC price continues to trend
around $39,000 | Source: BTCUSD on TradingView.com But with factors
like miners getting situated after the China exodus and mining
difficulty going back up, the price of the digital asset could very
well be on its way to another rally. Woo also commented on the
extended theory cycle for the coin, predicting that the asset will
gain even more popularity after the current cycle ends. Commenting
more on his price predictions, Woo said, “I have this model. In
past cycles, it hit the upper bound before the bull market ended. I
have this great situation where I don’t have to be exactly right
cause it’s just a moving target. The upper band today is $162K. The
current trajectory, $200K.” Related Reading | 8 Green Candles:
Here’s What Happened The Last Time In Bitcoin Like with every other
prediction, only time will tell if Woo’s prediction turns out to be
the case. But this provides more insight into the fact that bitcoin
maximalists still believe the pioneer cryptocurrency to be wildly
undervalued even at its current price. Featured image from CNBC,
chart from TradingView.com
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