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Analyst Reveals Shocking Bitcoin Price Targets: $700K to $24M Possibilities

August 3, 2024
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Analyst Reveals Shocking Bitcoin Price Targets: $700K to $24M Possibilities
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  • 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.

See also  Bitcoin derivatives traders are on the move - Is $40K their next target?

Bitcoin current market stance

However, the current market tells a different story.

Recent fluctuations have seen a significant number of trader liquidations, with Bitcoin accounting for approximately $72.99 million of the total $255.67 million in liquidations in the last 24 hours, per Coinglass data.

The majority of these were long positions, suggesting a tumultuous period for investors betting on immediate gains.

Source: Coinglass

Source: Coinglass

Crypto analyst RektCapital weighed in on the recent market dip, suggesting that the current retrace might be shorter than previous ones. He explained,

“The initial retrace inside the pattern took 5 weeks to bottom. The one after that took 4 weeks. This current one could take only 2–3 weeks to bottom.” 

Adding to the discussion, data from CryptoQuant showed that Bitcoin’s Market Value to Realized Value (MVRV) ratio— used to assess profit or loss by comparing market value against realized value—was 2.1 at press time. 

Bitcoin MVRV Ratio

Source: CryptoQuant


Read Bitcoin’s [BTC] Price Prediction 2024-25


An MVRV ratio greater than 1 suggested that Bitcoin was overvalued compared to its realized price, hinting that investors are holding coins at a profit, which could influence their selling decisions and affect market stability.

Adding to this outlook, AMBcrypto has recently highlighted in a report that sell pressure for BTC mounts.

Next: BNB price prediction shows rise to $600, but will the altcoin turn bearish after?

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  • 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.

See also  Bitcoin whales 'buy the dip' to leave retail investors...

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 Bitcoin accounting for approximately $72.99 million of the total $255.67 million in liquidations in the last 24 hours, per Coinglass data.

See also  Cipher's Bitcoin Mining Business Remains Compelling, Canaccord Says

The majority of these were long positions, suggesting a tumultuous period for investors betting on immediate gains.

Source: Coinglass

Source: Coinglass

Crypto analyst RektCapital weighed in on the recent market dip, suggesting that the current retrace might be shorter than previous ones. He explained,

“The initial retrace inside the pattern took 5 weeks to bottom. The one after that took 4 weeks. This current one could take only 2–3 weeks to bottom.” 

Adding to the discussion, data from CryptoQuant showed that Bitcoin’s Market Value to Realized Value (MVRV) ratio— used to assess profit or loss by comparing market value against realized value—was 2.1 at press time. 

Bitcoin MVRV Ratio

Source: CryptoQuant


Read Bitcoin’s [BTC] Price Prediction 2024-25


An MVRV ratio greater than 1 suggested that Bitcoin was overvalued compared to its realized price, hinting that investors are holding coins at a profit, which could influence their selling decisions and affect market stability.

Adding to this outlook, AMBcrypto has recently highlighted in a report that sell pressure for BTC mounts.

Next: BNB price prediction shows rise to $600, but will the altcoin turn bearish after?
Tags: 24M700KAnalystBitcoinPossibilitiesPricerevealsShockingTargets

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