{"id":603541,"date":"2024-04-16T20:00:35","date_gmt":"2024-04-16T20:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=603541"},"modified":"2024-06-11T07:00:05","modified_gmt":"2024-06-11T07:00:05","slug":"bitcoin-will-reach-650000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-will-reach-650000\/","title":{"rendered":"Crypto Expert Predicts Bitcoin Will Reach $650,000 Due To This Reason"},"content":{"rendered":"

A crypto analyst has made a bold prediction about <\/span>Bitcoin<\/span>, anticipating that the pioneer cryptocurrency could surge to $650,000 as the <\/span>Spot Bitcoin ETF<\/span><\/a> market continues to grow.\u00a0<\/span><\/p>\n

BTC’s Next Price Target Expected At $650,000<\/h2>\n

In an X (formerly Twitter) post published on Monday, Willy Woo, a popular analyst and crypto expert with over 1 million followers, <\/span>predicted<\/span><\/a> Bitcoin\u2019s next price target, fueled by the <\/span>growth and demand of Spot Bitcoin ETFs.<\/span><\/a><\/p>\n

Related Reading: Dogecoin Whales Send 800 Million DOGE To Exchanges, Dump Incoming?<\/a><\/div>\n

According to Woo, Spot Bitcoin ETFs could propel the <\/span>price of BTC<\/span><\/a> to $91,000 at bear market bottoms, while during bull market tops, the cryptocurrency could skyrocket as high as $650,000. It\u2019s important to note that at the time of writing, <\/span>Bitcoin haD not even reached $100,000<\/span><\/a>, and is trading at $63,408, according to CoinMarketCap.<\/span><\/p>\n

Woo has explained that BTC’s surge to this exponential level can only be possible when <\/span>ETF investors<\/span><\/a> completely utilize their capital. He highlights that a total capital deployment typically takes time, emphasizing that his <\/span>price predictions<\/span><\/a> are not constrained to the current crypto market cycle.\u00a0<\/span><\/p>\n

The crypto analyst also predicted that<\/span>\u00a0BTC will eventually flip gold\u2019s market capitalization<\/span><\/a> as the asset manager\u2019s capital is deployed. Basing his forecast on gold\u2019s 12-year bull run after the launch of its ETF, Woo disclosed that <\/span>Bitcoin could have a similar bullish trend<\/span><\/a> soon.\u00a0\u00a0<\/span><\/p>\n

How Bitcoin Will Surge To $650,000<\/h2>\n

To efficiently explain his predictions, Woo provided a brief but clear insight into the potential impact <\/span>Spot Bitcoin ETFs could have on the price of Bitcoin<\/span><\/a>. He provided \u201cback-to-envelope calculations\u201d that could be used to fully understand how BTC could surge to $650,000.<\/span><\/p>\n

During his calculations, the crypto analyst estimated the total capital managed by <\/span>asset managers<\/span><\/a> at $100 trillion. He mentioned that the current allocation recommendation was 2% for Bitcoin, and given the total amount of assets managed, it would mean $2 trillion could <\/span>potentially flow into BTC<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking<\/a><\/div>\n

Presently, Bitcoin holds about $561,159,959 of investments that can be measured on-chain. By adding the <\/span>potential inflow from asset managers<\/span><\/a>, the total investment in BTC would rise to $2.56 trillion.\u00a0<\/span><\/p>\n

Woo also introduced a Market Value to Realized Value (MVRV) ratio, which compares the total market capitalization of Bitcoin to the amount of funds invested into it. The crypto analyst claimed that historically, this ratio usually surges by 5x during bull market tops and by 0.7x during <\/span>bear market bottoms<\/span><\/a>.\u00a0<\/span><\/p>\n

Based on this ratio, Woo calculated the potential market capitalization of BTC, estimating a price of $12.8 trillion during bull tops and $1.8 trillion during bear bottoms. Dividing this total <\/span>market capitalization<\/span><\/a> by the amount of Bitcoin in circulation would position BTC’s price per coin at $650,000 and $91,000 respectively.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price shows a lot of volatility | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from The Cryptonomist, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
A crypto analyst has made a bold prediction about Bitcoin, anticipating that the pioneer cryptocurrency could surge to $650,000 as the Spot Bitcoin ETF market continues to grow.\u00a0 BTC’s Next Price Target Expected At $650,000 In an X (formerly Twitter) post published on Monday, Willy Woo, a popular analyst and crypto expert with over 1 million followers, predicted Bitcoin\u2019s next price target, fueled by the growth and demand of Spot Bitcoin ETFs. Related Reading: Dogecoin Whales Send 800 Million DOGE To Exchanges, Dump Incoming? According to Woo, Spot Bitcoin ETFs could propel the price of BTC to $91,000 at bear market bottoms, while during bull market tops, the cryptocurrency could skyrocket as high as $650,000. It\u2019s important to note that at the time of writing, Bitcoin haD not even reached $100,000, and is trading at $63,408, according to CoinMarketCap. Woo has explained that BTC’s surge to this exponential level can only be possible when ETF investors completely utilize their capital. He highlights that a total capital deployment typically takes time, emphasizing that his price predictions are not constrained to the current crypto market cycle.\u00a0 The crypto analyst also predicted that\u00a0BTC will eventually flip gold\u2019s market capitalization as the asset manager\u2019s capital is deployed. Basing his forecast on gold\u2019s 12-year bull run after the launch of its ETF, Woo disclosed that Bitcoin could have a similar bullish trend soon.\u00a0\u00a0 How Bitcoin Will Surge To $650,000 To efficiently explain his predictions, Woo provided a brief but clear insight into the potential impact Spot Bitcoin ETFs could have on the price of Bitcoin. He provided \u201cback-to-envelope calculations\u201d that could be used to fully understand how BTC could surge to $650,000. During his calculations, the crypto analyst estimated the total capital managed by asset managers at $100 trillion. He mentioned that the current allocation recommendation was 2% for Bitcoin, and given the total amount of assets managed, it would mean $2 trillion could potentially flow into BTC.\u00a0 Related Reading: Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking Presently, Bitcoin holds about $561,159,959 of investments that can be measured on-chain. By adding the potential inflow from asset managers, the total investment in BTC would rise to $2.56 trillion.\u00a0 Woo also introduced a Market Value to Realized Value (MVRV) ratio, which compares the total market capitalization of Bitcoin to the amount of funds invested into it. The crypto analyst claimed that historically, this ratio usually surges by 5x during bull market tops and by 0.7x during bear market bottoms.\u00a0 Based on this ratio, Woo calculated the potential market capitalization of BTC, estimating a price of $12.8 trillion during bull tops and $1.8 trillion during bear bottoms. Dividing this total market capitalization by the amount of Bitcoin in circulation would position BTC’s price per coin at $650,000 and $91,000 respectively.\u00a0 BTC price shows a lot of volatility | Source: BTCUSD on Tradingview.com Featured image from The Cryptonomist, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":603559,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,92092,1122,1144,78790,1944,89193,84647],"class_list":["post-603541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news-bitcoin-etf","tag-btc-price","tag-btcusd","tag-btcusdt","tag-etf","tag-etf-news","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\nCrypto Expert Predicts 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Expert Predicts Bitcoin Will Reach $650,000 Due To This Reason","url":"http:\/\/wncen.com\/news\/bitcoin-will-reach-650000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-will-reach-650000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin_338072.jpeg?resize=200%2C183","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin_338072.jpeg?fit=275%2C183"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news bitcoin etf","btc price","btcusd","btcusdt","etf","etf news","spot bitcoin etf"],"dateCreated":"2024-04-16T20:00:35Z","datePublished":"2024-04-16T20:00:35Z","dateModified":"2024-06-11T07:00:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Expert Predicts Bitcoin Will Reach $650,000 Due To This Reason\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-will-reach-650000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-will-reach-650000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_338072.jpeg?resize=200%2C183\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_338072.jpeg?fit=275%2C183\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news bitcoin etf\",\"btc price\",\"btcusd\",\"btcusdt\",\"etf\",\"etf news\",\"spot bitcoin etf\"],\"dateCreated\":\"2024-04-16T20:00:35Z\",\"datePublished\":\"2024-04-16T20:00:35Z\",\"dateModified\":\"2024-06-11T07:00:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/04\/Bitcoin_338072.jpeg?fit=275%2C183","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/603541"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=603541"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/603541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/603559"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=603541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=603541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=603541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}