The post Analyst Reveals Shocking Bitcoin Price Targets: $700K to $24M Possibilities appeared on BitcoinEthereumNews.com.

Willy Woo predicted that Bitcoin could reach a minimum of $700,000 based on conservative wealth allocation. He dismissed the $24 million mark as unrealistic, requiring total global wealth investment into Bitcoin. Bitcoin [BTC] has been on a bearish ride ever since its peak above $73,000 back in March. At press time, the asset traded at a price of $64,020—marking a 13.2% from its March all-time high (ATH) and roughly 4.4% in the past week. Regardless of this bearishness, Willy Woo, a prominent analyst in the crypto space, has recently shared his insights on BTC’s potential future valuation. Expectations and market dynamics Woo posited that the minimum potential valuation for Bitcoin could be around $700,000, while the maximum might soar as high as $24 million per BTC. However, he clarified that reaching the upper estimate would require an implausible scenario where all global wealth—amounting to approximately $500 trillion—is invested in Bitcoin.  This scenario, he noted, is highly unlikely, stating that a $24 million valuation per Bitcoin is “never gonna happen.” Continuing his analysis, Woo touched upon realistic expectations for institutional investors’ involvement in Bitcoin.  He referenced Fidelity’s recommendation for portfolios to include 1-3% in Bitcoin, contrasting it with BlackRock’s much higher investment of 85% in some cases. Woo leaned towards a 3% allocation as a more sensible figure, which could still drive Bitcoin’s price to the $700,000 mark if broadly adopted. Further elaborating on his predictions, Woo discussed the adoption S-curve, noting that Bitcoin’s global adoption was 4.7% at press time. He predicted that as adoption increases to between 16% and 50%, Bitcoin’s price could escalate to the levels he outlined, driven by increasing mainstream acceptance and investment. Bitcoin current market stance However, the current market tells a different story. Recent fluctuations have seen a significant number of trader liquidations, with…

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Filed under: News - @ August 3, 2024 3:44 am