bullish

Future

2024

Bitcoin

Bitcoin has been on a rollercoaster ride ever since it reached its all-time high (ATH) of $73,737 back in March. However, regardless of that, several analysts and traders in the crypto community remain <a href="https://www.newsbtc.com/bitcoin-news/bitwise-cio-bitcoin-not-bullish-enough/" target="_blank" rel="noopener ">persistent in their bullish outlook</a> for the asset. An example is Willy Woo, a well-known figure in the crypto sector. Earlier today, Woo <a href="https://x.com/woonomic/status/1818895018205012057" rel="nofollow">shared</a> his optimistic view on Bitcoin and insights on how high BTC’s price could potentially climb to hit this anticipated high mark. 
<h2 id="bitcoin-road-to-700-000-tough-or-smooth">Bitcoin Road To $700,000: Tough Or Smooth?</h2> 
According to Woo in his latest post on Elon Musk’s social media platform, X, Bitcoin’s price projection can range dramatically based on the percentage of <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-holds-ground-at-65700-amid-unchanged-fed-rates-anticipating-september-moves/" target="_blank" rel="noopener ">global wealth assets</a> allocated to Bitcoin. In his explanation, Woo outlined two possible future scenarios for Bitcoin’s valuation: a more probable lower band and a highly unlikely upper limit. 
Related Reading: <a href="https://www.newsbtc.com/bitcoin-news/bitwise-cio-bitcoin-not-bullish-enough/" target="_blank" rel="noopener ">Bitwise CIO On Bitcoin: ‘We’re Not Bullish Enough’ – Here’s Why</a> 
He pegs the “conservative” estimate for Bitcoin at roughly $700,000, assuming modest adoption and investment levels. This figure arises from a hypothetical allocation of a small percentage of global wealth into Bitcoin, reflecting a growing but cautious integration of Bitcoin into the broader financial sector 
Woo’s analysis further delves into how institutional investors might <a href="https://www.newsbtc.com/bitcoin-news/is-a-major-bitcoin-dip-coming-what-the-coinbase-index-tells-us/" target="_blank" rel="noopener ">influence Bitcoin’s value</a> over time. Drawing from industry behaviors and recommendations, such as Fidelity’s suggestion that portfolios include 1-3% in BTC, Woo interprets these <a href="https://www.newsbtc.com/bitcoin-news/is-bitcoin-poised-for-a-september-price-surge-what-traders/" target="_blank" rel="noopener ">movements as signs of growing</a>, although conservative, confidence in Bitcoin as a viable asset class. 
He contrasts these figures with BlackRock’s 85% investment, highlighting a stark divergence in institutional strategies towards Bitcoin. The theoretical upper limit of Bitcoin reaching $24 million per unit, according to Woo, would require an unrealistically complete conversion of the world’s $500 trillion in wealth assets into Bitcoin. 
He dismisses this scenario as improbable, focusing instead on the more grounded predictions supported by current investment trends and economic behaviors. 
<img loading="lazy" decoding="async" src="https://pbs.twimg.com/media/GT4E0X0XAAAVxPt?format=jpg&amp;name=medium" alt="Bitcoin adoption S-Curve. " width="1200" height="894"> 
Woo explains that as Bitcoin’s adoption curve follows the classic S-curve of technological adoption, which currently sits at 4.7%, the potential for <a href="https://www.newsbtc.com/bitcoin-news/is-bitcoin-poised-for-a-september-price-surge-what-traders/" target="_blank" rel="noopener ">significant price increases</a> remains viable as adoption grows towards the 16% to 50% range. 
<h2 id="what-the-future-holds">What The Future Holds</h2> 
In his concluding thoughts, Woo speculates about a future where Bitcoin’s market capitalization could surpass all global fiat currencies. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/3tKtt6BF/" alt="Bitcoin (BTC) price chart on TradingView" width="2770" height="1496"> 
This paradigm shift would transform investor priorities, moving away from fiat-based valuations towards a new economic model where major corporate assets could be measured against their BTC holdings, rather than traditional fiat metrics. 
This shift, he argues, would mark a profound change in financial thinking, focusing on assets that can leverage Bitcoin’s stability and growth rather than merely surpassing its value. 
<blockquote class="twitter-tweet"> 
 Once the price produces a marketcap exceeding all the fiat in the world you won’t be interested in ultimate price. That’s a fiat mindset based on current realities. 
 After this inflection point, you’ll only be looking for investments that can beat BTC. For starters these are… 
 — Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1818899272206602421?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">August 1, 2024</a>
</blockquote> 
Featured image created with DALL-E, Chart from TradingView

Bitcoin’s Price Potential: Analyst Maps Path To $700,000 And Beyond

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