A cryptocurrency analyst has made a bold prediction. Bitcoinpredicts the pioneering cryptocurrency could soar to $650,000. Spot Bitcoin ETF The market continues to grow.
BTC’s next target price is expected to be $650,000
In a post on X (formerly Twitter) published on Monday, Willy Wu, a popular analyst and cryptocurrency expert with over 1 million followers, said: predicted Bitcoin's next price target is Spot Bitcoin ETF Growth and Demand.
According to Wu, the Spot Bitcoin ETF is BTC price At the bottom of a bear market, the cryptocurrency could soar as high as $91,000, while at the top of a bull market, the cryptocurrency could skyrocket to $650,000. At the time of writing, it is important to note the following: Bitcoin had not yet reached $100,000.According to CoinMarketCap, it is trading at $63,408.
Wu explained that Bitcoin's surge to this exponential level is only possible if: ETF investors Fully utilize your capital. He emphasized that the deployment of total capital usually takes time, price prediction Not constrained by current cryptocurrency market cycles.
Crypto analysts also predicted that BTC will eventually reverse gold's market cap As asset management companies capitalize. Based on his predictions based on gold's 12-year bull run since the ETF's launch, Wu revealed: Bitcoin may also experience a similar bullish trend. soon.
How Bitcoin skyrocketed to $650,000
To effectively explain his predictions, Wu provided concise but clear insights into the potential impact. Spot Bitcoin ETF could drive Bitcoin price higher. He provided a “comprehensive calculation” that can be used to fully understand how BTC could skyrocket to $650,000.
During the calculation, the cryptocurrency analyst asset manager For 100 trillion dollars. He said the current allocation recommendation for Bitcoin is 2%, which means $2 trillion is possible given the total assets under management. Possible inflow into BTC.
Currently, Bitcoin holds approximately $561,159,959 in investments that can be measured on-chain. By adding Possibility of inflow from asset management companiesthe total investment in BTC will increase to $2.56 trillion.
Wu also introduced the Market Value to Realized Value (MVRV) ratio, which compares Bitcoin's market capitalization to the amount of funds invested in it. Cryptocurrency analysts have argued that historically this ratio typically spikes to 5x at the top of a bull market and 0.7x during a bull market. bear market bottom.
Based on this ratio, Woo calculated BTC's potential market capitalization, estimating a price of $12.8 trillion at a bullish high and $1.8 trillion at a bearish low.Dividing this total Market capitalization Depending on the amount of Bitcoin in circulation, the price of BTC 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
