A cryptocurrency analyst made the following bold prediction: BitcoinIt is predicted that the pioneering cryptocurrency could surge to $650,000. Spot Bitcoin ETF The market continues to grow.
BTC’s next price target is expected to be $650,000.
In an X (formerly Twitter) post published on Monday, Willy Woo, a popular analyst and cryptocurrency expert with over 1 million followers, said: predicted Bitcoin’s next price target is Growth and demand of spot Bitcoin ETFs.
According to Woo, a Spot Bitcoin ETF could deliver the following results: price of BTC A bear market bottom could see it rise to $91,000, while a bull market could see the cryptocurrency soar to $650,000. Things to keep in mind when writing: Bitcoin has not even reached $100,000.According to CoinMarketCap, it is trading at $63,408.
Woo explained that BTC surging to this exponential level is only possible if: ETF investor Fully utilize your capital. He emphasizes that total capital deployment usually takes time, price prediction It is not limited to the current cryptocurrency market cycle.
The cryptocurrency analyst also predicted: BTC will eventually overturn gold’s market cap This is because the asset management company’s capital is deployed. As a result of predicting a 12-year bull market for gold since the launch of the ETF, Woo stated the following: Bitcoin could see a similar bullish trend soon.
How Bitcoin Soared to $650,000
To effectively explain his predictions, Woo provided simple yet clear insights into the potential impacts. Spot Bitcoin ETFs can influence the Bitcoin price.. He provided an “envelope-by-envelope calculation” that you can use to fully understand how BTC could skyrocket to $650,000.
During the calculation, the cryptocurrency analyst estimated the total capital under management as follows: asset manager At $100 trillion. He noted that the current Bitcoin allocation recommendation is 2%, which could amount to $2 trillion considering the total amount of assets under management. Potentially flowing into BTC.
Currently, Bitcoin has an investment of approximately $561,159,959 measurable on-chain. By adding: Potential inflow from asset management companiesTotal investments in BTC will increase to $2.56 trillion.
Woo also introduced the Market Value to Realized Value (MVRV) ratio, which compares the total market capitalization of Bitcoin to the amount of funds invested in it. Crypto analysts have argued that historically this rate has typically surged 5x during bull markets and 0.7x during bull markets. bear market bottom.
Based on this ratio, Woo calculated BTC’s potential market capitalization, estimating a price of $12.8 trillion in a bull market and $1.8 trillion in a bear market. Dividing this sum by market capitalization Depending on the amount of Bitcoin in circulation, the BTC price per coin will be $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
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