Willy Woo, a famous cryptocurrency analyst, recently shared his predictions for Bitcoin's potential price levels in various scenarios. According to the analyst, these predictions were made in response to a question from a private banker looking for potential Bitcoin price scenarios.
Woo reveals the following possible outcomes with his calculations based on 2023 figures:
- If Bitcoin reaches the market value of gold, its price could reach $710,000.
- If 5% of all assets are invested in Bitcoin, the price can rise to $1.1 million.
- In the “half of all wealth is Bitcoin” scenario, the cap price could be a staggering $11.5 million.
Woo believes that the scenario of 5% of all wealth being transferred to Bitcoin is not a far-fetched possibility. He points out that there are only 600 million adults worldwide with a net worth over $100,000, and these individuals own 85% of all wealth.
According to the analyst, Bitcoin currently has more than 300 million investors and is growing exponentially, indicating a shift towards digital assets.
In an earlier analysis, Woo said Bitcoin investors are currently expecting higher prices and are reluctant to sell. Woo referenced the Spent Output Profit Ratio (SOPR), which tracks the profit coins make when sold to new investors. Interestingly, the SOPR rose as the price fell, indicating that only investors who had made significant profits were selling, while newer investors were waiting.
*This is not investment advice.