The post Bitcoin Could Hit $700K or $24M in Long Term, Willy Woo Predicts appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) analyst Willy Woo has suggested that the price of BTC could one day hit $700 000 or even $24 million per coin. This projection supposes that financial institutions will keep on increasing adoption of cryptocurrency. According to Woo, the global wealth should be invested in BTC at 3% allocation. Bitcoin Could Reach $700,000 with Institutional Support Large investors are gradually investing in Bitcoin. Fidelity has recommended a 1-3% allocation, while BlackRock has proposed up to 85%. Therefore, if institutions embrace a 3% allocation, Bitcoin may soar to $700,000. Woo’s calculations take into account the global wealth of over $500 trillion. With institutional investment on the rise, Bitcoin’s market capitalization may increase drastically. This growth can only be achieved if the adoption rate increases beyond 16%. So now everyone is asking when. This is also a well known phenomena via the adoption S-curve. 16% is early majority, 50% is late majority. Wealth management is somewhere in this sector. So figure out when BTC adoption enters 16%-50% world adoption based on the yellow line. pic.twitter.com/e61FvcKlVw — Willy Woo (@woonomic) August 1, 2024 It has taken Bitcoin 15 years to achieve 4.7% of global adoption. According to Woo, adoption will increase at a faster rate just like the growth of the internet. If this trend continues, then Bitcoin could reach its “ultimate price.” BTC Price Influenced by ETF Activity Based on historical chart patterns, BTC is likely to hit a new all-time high by September. At the moment, a single BTC is valued at $64,710, which is still 12% below the record high of $73,750 set on March 14. The most recent price increase has not been high, with prices increasing by only 2.9% within the last one month. The reduction in inflows to US-based spot Bitcoin exchange-traded funds (ETFs) has affected the trend. As of…

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Filed under: News - @ August 1, 2024 4:14 pm