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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

On-Chain Expert Predicts $162K Bitcoin Peak This Cycle

Best Owie
Best Owie
1 year ago
4 mins read
Picture of a hand holding a bitcoin

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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.

Bitcoin price chart from TradingView.com

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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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

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Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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