A crypto analyst has made a bold prediction Bitcoinwith the expectation that the pioneer cryptocurrency could rise to $650,000 over time 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 crypto expert with over 1 million followers, said: predicted Bitcoin's next price target, driven by the Growth and Demand of Spot Bitcoin ETFs.
According to Woo, spot Bitcoin ETFs could drive this Price of BTC At bear market lows, the price could rise to $91,000, while at bull market highs, the cryptocurrency could rise as high as $650,000. It is important to note that at the time of writing Bitcoin hadn't even reached $100,000 yetAccording to CoinMarketCap, the transaction price is $63,408.
Woo has stated that BTC's rise to this exponential level can only be possible if ETF investors Make full use of your capital. He emphasizes that full capital deployment typically takes time and stresses that his Price predictions are not limited to the current crypto market cycle.
The crypto analyst also predicted this BTC will ultimately reverse gold’s market cap how the asset manager's capital is used. Woo made the announcement, basing his prediction on the 12-year bull market in gold prices following the launch of the ETF Bitcoin could have a similar uptrend soon.
How Bitcoin will rise to $650,000
To efficiently explain his predictions, Woo gave a brief but clear insight into the possible implications Spot Bitcoin ETFs could impact the price of Bitcoin. He provided “back-to-envelope calculations” that could be used to fully understand how BTC could rise to $650,000.
In his calculations, the crypto analyst estimated the total capital under management Asset manager at 100 trillion dollars. He mentioned that the current allocation recommendation for Bitcoin is 2%, and given the total amount of assets under management, this would mean that $2 trillion is possible may flow into BTC.
Currently, Bitcoin holds approximately $561,159,959 in investments that can be measured on-chain. By adding the potential inflow from asset managersthe total investment in BTC would rise to $2.56 trillion.
Woo has also introduced a market value to realized value ratio (MVRV), which compares Bitcoin's total market capitalization to the amount of funds invested in it. The crypto analyst claimed that in the past, this ratio typically increases 5x during bull market peaks and 0.7x during bull market peaks Bear market lows.
Based on this ratio, Woo calculated BTC's potential market cap and estimated the price at $12.8 trillion during bull highs and $1.8 trillion during bear lows. Divide this sum Market capitalization Based on the amount of Bitcoin in circulation, the price of BTC per coin would be $650,000 and $91,000, respectively.
BTC price shows great volatility | Source: BTCUSD on Tradingview.com
Featured image from The Cryptonomist, chart from Tradingview.com
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