Bitcoin is in a bull cycle and is headed for $135,000, according to industry analyst Willy Woo.
“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,” Woo stated on RT’s financial news show the Keiser Report.
According to Woo, bitcoin prices ebbed and flowed roughly in four-year clycles of its block reward halvings, which occurs every 210,000 blocks.
The next bitcoin halving is predicted to occur on May 11, decreasing the reward for miners from 12.5 to just 6.25 coins.
“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.”
Currently, bitcoin is trading at 8,738.12, down -0.53% today.