Summary
- Bitcoin on-chain analyst Willy Woo predicts the ultimate price for Bitcoin.
- According to him, BTC can reach prices between $700k and $24m.
Amidst intense volatility in the crypto market, Bitcoin on-chain analyst Willy Woo reveals his latest predicitons for the price of BTC.
In a new post on X revealed half an hour ago, Woo says that nobody knows what the ultimate price of Bitcoin will be, but, according to him, simple mathematics gives up an upper bound.
He notes that all wealth assets are $500 trillion, and if Bitcoin were to capture all of this, the maximum price of the coin would be $24 million, according to today’s value before future inflation adjustment.
He notes that it’s important to figure out the realistic allocation for everyone. Wealth management is very predictable, and money flows in a conservative manner, he says.
Bitcoin, even in this early phase of an asset class, is recommended by Fidelity to have a 1% to 3% allocation, while BlackRock comes with more significant numbers such as an 85% allocation.
Woo notes that if we assume 3% as a sensible allocation, the lower bound for Bitcoin’s valuation would be at $700,000.
Bitcoin Adoption S-Curve
Woo shared another post regarding the question that everyone has: When can Bitcoin reach such prices?
He notes that this is also a well-known phenomenon via the adoption S-curve. According to him, 16$ is the early majority, 50% is the late majority, and wealth management is somewhere in this sector.
Woo says that we can figure out when Bitcoin adoption enters 16%-50% of world adoption based on the yellow line in the graph he shared.
Regarding Bitcoin‘s price today, at the moment of writing this article, BTC is trading above $64,000.
The coin’s price dropped below the $65,000 level, as the Fed held rates, hinting at a September cut and tensions flared up in the Middle East.
However, Bitcoin has been seeing strong political support, which injected optimism into the markets at the beginning of this week, sending BTC close to $70,000.