Crypto analyst and influencer Willy Woo thinks Bitcoin will reach $100,000 or more by the end of this market cycle.
In a new interview on the Keiser Report, the digital asset strategist and partner at Adaptive Capital explains why he believes BTC could even exceed those expectations and skyrocket all the way to $250,000.
“We don’t know the future. We don’t know how long this bull market will run. Generally, these things are four-year cycles. If you extrapolated the current cycle with the general four-year cycle… what you’re getting is these pushes because of the mining halvening, and if you imagine it’s like a bathtub, and you’re just pushing that water and it sloshes every four years, that’s the kind of cycle we’re cycling with Bitcoin.
And if you make a best guess, that’s about $100,000. I think one of the more common sense predictions would be $135,000 based on the timing signature and that 35x of average cap — so I’m looking at the $100-250,000 range depending on how long this bull market runs.”
Woo also goes into greater detail about the upcoming Bitcoin halving event that will reduce the BTC block mining reward from 12.5 to 6.25 coins. The halving is currently projected to arrive on May 11, and Woo predicts it will mark an important phase for Bitcoin.
“This is significant, because when we do this, the inflation rate of Bitcoin drops below the inflation rate of gold, and gold being the ‘gold standard’ of scarcity in which we have traditionally measured our money — not so much since the fiat world, but we’ve had hundreds of years before that — and now we’ve got this new digital scarcity which is more perfect, which’ll continue to be more scarce.
I find this very significant. Gold is not scarce. Launch a few rockets, mine the asteroid belt. People think that’s not coming, but it is coming. The cost of space launches is going to go 100 times cheaper, and that opens up abundant resources.”
Woo also discusses what figure Bitcoin would have to drop for him to revise his position on the asset.
“I think a lot of it has to do with the sustainability of mining. I think that if the price dropped… down in the $1,000 range, that will start to test the last, strongest miner that can keep running.”
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