An analyst in the crypto world has boldly predicted that BitcoinThe pioneer cryptocurrency is expected to surge up to $650,000 in the future. Spot Bitcoin ETF The market is growing.
BTC Expected to Reach $650,000 as its next price target
Willy Woo — a crypto-expert and popular analyst who has over 1,000,000 followers on X, the former Twitter platform, published a post Monday. predicted Bitcoin’s next Price target, fuelled by the growth and demand of Spot Bitcoin ETFs.
Spot bitcoin ETFs can propel Bitcoin prices, says Woo price of BTC The cryptocurrency can reach as much as $91,000 during bear markets, and as high at $650,000 in bull markets. At the time this article was written, it’s vital to remember that cryptocurrency prices were at a record high of $650,000. Bitcoin haD not even reached $100,000According to CoinMarketCap, the price of a Bitcoin is currently $63,408.
Woo explained that BTC’s exponential rise can only happen when ETF investors Completely utilize their Capital. He emphasizes that the total deployment of capital typically takes time. price predictions You are not restricted to the current cryptocurrency market cycle.
Crypto analyst predicted the same thing. BTC will eventually flip gold’s market capitalization As the capital of an asset manager is used. Woo revealed that he based his prediction on the 12-year bull market in gold after its ETF launch. Bitcoin could have a similar bullish trend soon.
Bitcoin will Surge to $650,000
Woo’s predictions were accompanied by a short but concise explanation of the possible impact. Spot Bitcoin ETFs could have on the price of Bitcoin. He was a provider “back-to-envelope calculations” Understanding how BTC can surge to $650,000 is possible.
In his calculations, he estimated the capital of the cryptocurrency managed by asset managers 100 trillion dollars. The current recommendation for Bitcoin allocation is 2%. Given the amount of assets that are managed, this would translate to $2 trillion. potentially flow into BTC.
Bitcoin currently has $561,159.959 worth of investment that is measured in the blockchain. The addition of the potential inflow from asset managersThe total value of BTC investments would reach 2,56 trillion dollars.
Woo has also developed a Market Capitalization to Realized Value ratio (MVRV), comparing the market capitalization for Bitcoin with the funds invested. This ratio, according to the crypto analyst, usually increases by five times during bull markets and by sevenfold during bear ones. bear market bottoms.
Woo estimated the market cap of BTC based on this equation, with a potential price of $12,8 trillion at bull tops, and $1.8 trillion at bear bottoms. Divide this total market capitalization By the number of Bitcoins in circulation, BTC would be priced at $91,000 and $650,000 per coin.
BTC shows high volatility in price | Source: BTCUSD on Tradingview.com
Chart from Tradingview.com, image courtesy of The Cryptonomist
Disclaimer article This information is only for educational purposes. NewsBTC has no opinion about whether or not to purchase, sell or keep any particular investment. Naturally investing involves risks. It is recommended that you conduct your own research. own Research before investing. You are solely responsible for the use of information on this site. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com