Analysts use many indicators and indicators when predicting the Bitcoin price. At this point, popular analyst Willy Woo predicted that Bitcoin could reach $700,000.
Willy Woo stated in his post from his X account that Bitcoin could reach 700 thousand dollars with increasing institutional adoption.
Using the allocation rate of global wealth assets in his prediction, Woo made two predictions, minimum and maximum, depending on how much of all global wealth assets exceeding $500 trillion will be allocated to BTC.
At this point, the analyst claimed that according to “simple mathematics”, the lower band for Bitcoin could be $700,000 and the upper band could be $24 million per BTC.
Woo said $24 million “won't happen right away” because for that level, all the $500 trillion worth of wealth assets in the world would have to be invested in Bitcoin.
Accordingly, Woo stated that a 3 percent portfolio allocation in Bitcoin is ideal and reasonable for now, and argued that a 3 percent allocation could increase the BTC price to the level of 700 thousand dollars.
“Even at the early stage of adoption, Fidelity recommends a 1-3% allocation for Bitcoin, we have seen numbers as high as 85% from BlackRock.
“Assuming 3% here is a reasonable allocation for BTC, the lower bound of price appreciation is $700,000.”
Bitcoin Adoption Needs to Exceed 16 Percent!
Finally, for Bitcoin to reach $700,000, global allocation must be 3 percent and the adoption curve must exceed 16%.
Woo pointed out that according to the Beninsenme S-curve chart, global BTC adoption has reached 4.7% so far, and when the Beninsenme S-curve enters the region between 16% and 50%, the price can reach $700 thousand levels.
Although Bitcoin has only had 4.7% global adoption to date, experts think its adoption rate could accelerate similar to that of the internet. Because institutional demand from spot Bitcoin ETFs could increase the price and adoption of Bitcoin.
Nobody knows what the ultimate price of #Bitcoin will be but simple maths can give us an upper bound. All wealth assets is $500T, if BTC captured all of this (never gonna happen) it's $24m per coin (today's value before future inflation adjustment).
The question is what will be…
— Willy Woo (@woonomic) August 1, 2024
*This is not investment advice.
