Bitcoin
Assessing Bitcoin’s trends: $700K possible, but not $24M – Here’s why
Willy Woo has shared his perspective on Bitcoin’s potential to reach between $700,000 and $24 million.
- 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 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
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.
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.
