Analyst Willy Wu told how to predict the value of a cryptocurrency based on its average value. And expert Omkar Godboul explained in which case the rate of the main digital asset will rise to $9300 and why it may fall to $8400
Bitcoin will rise to $135,000 in the current cycle, analyst Willie Wu said on the Keiser Report show. According to him, during the 10 years of the coin's existence, each time its rate, setting a new maximum, rose about 35 times relative to the average aggregate value.
Now this method of calculation suggests that the first cryptocurrency should rise in price to about $50,000, Wu added. But the longer its price remains at the current level, the higher the total average value becomes, and the stronger the growth in the cost of bitcons will be, the expert explained. He suggested that it could rise to $100,000 or even $250,000 in the future.
The rise in price of bitcoin is also expected by coindesk portal analyst Omkar Godboul. In his opinion, the rate of the coin may soon rise to the resistance level of $9075. If it is overcome, the next target for the asset price will be $9312.
He added that the scenario of growth in the value of bitcoin will be in question if it falls below the support level of $8720. There is a 200-day moving average that prevents the coin price from falling, Godbowl explained.
If this level does not hold, bitcoin will continue to fall to a local minimum of $8410, the analyst predicted. But he called this development unlikely, since the value of the MACD histogram is gradually growing, which indicates an increase in the buyer's strength.
At the moment, bitcoin is trading at $8750, and it has fallen by 0.2% in 24 hours. Daily trading volume of the coin decreased by 15% to $37 billion.
On February 17, Max Kaiser, founder of Heisenberg Capital and host of the Keiser Report show, predicted a rise in the value of bitcoin to $400,000. The coin will become more expensive due to halving and the reluctance of miners to sell it at the current rate, the entrepreneur believes.
