A crypto analyst made a bold prediction about Bitcoinpredicting that the pioneer cryptocurrency could reach $650,000 as the Spot Bitcoin ETF the market continues to grow.
BTC’s next price target expected at $650,000
In an article by X (formerly Twitter) published on Monday, Willy Woo, a popular analyst and crypto expert with over a million followers, predicted The next Bitcoin price target, fueled by the growth and demand for Spot Bitcoin ETFs.
According to Woo, Spot Bitcoin ETFs could propel the BTC price at $91,000 at bear market lows, while during bull market highs, the cryptocurrency could skyrocket to $650,000. It is important to note that at the time of writing this article, Bitcoin hadn’t even reached $100,000and is trading at $63,408, according to CoinMarketCap.
Woo explained that the rise of BTC to this exponential level will only be possible when ETF Investors fully utilize their capital. He points out that a full deployment of capital generally takes time, emphasizing that its price forecast are not limited to the current crypto market cycle.
The crypto analyst also predicted that BTC will eventually overturn the market cap of gold as the asset manager’s capital is deployed. Basing his prediction on gold’s rise over 12 years after the launch of his ETF, Woo revealed that Bitcoin could have a similar uptrend Soon.
How Bitcoin will reach $650,000
To effectively explain his predictions, Woo provided a brief but clear overview of the potential impact Spot Bitcoin ETFs could impact the price of Bitcoin. He provided “back-to-the-envelope calculations” that could be used to fully understand how BTC could reach $650,000.
During his calculations, the crypto analyst estimated the total capital managed by asset managers to 100,000 billion dollars. He mentioned that the current allocation recommendation was 2% for Bitcoin and that, given the total amount of assets managed, this would mean that $2 trillion could be spent. potentially flocking to BTC.
Currently, Bitcoin holds approximately $561,159,959 worth of investments that can be measured on-chain. By adding the potential influx of asset managersthe total investment in BTC would amount to $2.56 trillion.
Woo also introduced a market value to realized value ratio (MVRV), which compares the total market capitalization of Bitcoin to the amount of funds invested in it. The crypto analyst claimed that historically, this ratio typically increases by 5x during bull market peaks and 0.7x during bear market bottom.
Based on this ratio, Woo calculated the potential market capitalization of BTC, estimating a price of $12.8 trillion during bull highs and $1.8 trillion during bear lows. By dividing this total market capitalization by the quantity of Bitcoin in circulation would position the price per BTC coin at $650,000 and $91,000 respectively.
BTC price shows a lot of volatility | Source: BTCUSD on Tradingview.com
Featured image from The Cryptonomist, chart from Tradingview.com
A crypto analyst made a bold prediction about Bitcoinpredicting that the pioneer cryptocurrency could reach $650,000 as the Spot Bitcoin ETF the market continues to grow.
BTC’s next price target expected at $650,000
In an article by X (formerly Twitter) published on Monday, Willy Woo, a popular analyst and crypto expert with over a million followers, predicted The next Bitcoin price target, fueled by the growth and demand for Spot Bitcoin ETFs.
According to Woo, Spot Bitcoin ETFs could propel the BTC price at $91,000 at bear market lows, while during bull market highs, the cryptocurrency could skyrocket to $650,000. It is important to note that at the time of writing this article, Bitcoin hadn’t even reached $100,000and is trading at $63,408, according to CoinMarketCap.
Woo explained that the rise of BTC to this exponential level will only be possible when ETF Investors fully utilize their capital. He points out that a full deployment of capital generally takes time, emphasizing that its price forecast are not limited to the current crypto market cycle.
The crypto analyst also predicted that BTC will eventually overturn the market cap of gold as the asset manager’s capital is deployed. Basing his prediction on gold’s rise over 12 years after the launch of his ETF, Woo revealed that Bitcoin could have a similar uptrend Soon.
How Bitcoin will reach $650,000
To effectively explain his predictions, Woo provided a brief but clear overview of the potential impact Spot Bitcoin ETFs could impact the price of Bitcoin. He provided “back-to-the-envelope calculations” that could be used to fully understand how BTC could reach $650,000.
During his calculations, the crypto analyst estimated the total capital managed by asset managers to 100,000 billion dollars. He mentioned that the current allocation recommendation was 2% for Bitcoin and that, given the total amount of assets managed, this would mean that $2 trillion could be spent. potentially flocking to BTC.
Currently, Bitcoin holds approximately $561,159,959 worth of investments that can be measured on-chain. By adding the potential influx of asset managersthe total investment in BTC would amount to $2.56 trillion.
Woo also introduced a market value to realized value ratio (MVRV), which compares the total market capitalization of Bitcoin to the amount of funds invested in it. The crypto analyst claimed that historically, this ratio typically increases by 5x during bull market peaks and 0.7x during bear market bottom.
Based on this ratio, Woo calculated the potential market capitalization of BTC, estimating a price of $12.8 trillion during bull highs and $1.8 trillion during bear lows. By dividing this total market capitalization by the quantity of Bitcoin in circulation would position the price per BTC coin at $650,000 and $91,000 respectively.
BTC price shows a lot of volatility | Source: BTCUSD on Tradingview.com
Featured image from The Cryptonomist, chart from Tradingview.com