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There is an increasing bullish sentiment surrounding Bitcoin (BTC) price as it’s being steered by positive foundations. Based on its overall outlook, top crypto analyst Willy Woo has shared a staggering new price target for the leading cryptocurrency.
How Much Will Bitcoin Be Worth According to Woo?
Willy Woo was tagged by a Twitter user, Lynn Brewer, seeking the analyst’s view on the impact of BlackRock, Fidelity, and major asset managers transferring 5% of their Assets Under Management (AUM) into Bitcoin.
As a point of reference, BlackRock boasts over 9 trillion dollars in AUM, and just 1% of this amount equates to 90 billion dollars. If the stated AUMs were all taken into account, it could surpass the existing BTC assets on exchanges.
In his response, Willy Woo calculated that if such an event were to occur, Bitcoin’s estimated price would be approximately $310,000. While it remains unclear what criteria Willy used to reach this target, it aligns with the broader predictions of leading figures in the sector.
Especially, Bitcoin has been tagged as one of the most undervalued assets due to its entrenched supply limit and currently increasing demand. Spot ETF applications by BlackRock, Fidelity Investments, and others underscore the escalating uproar and preparation of Wall Street investors to expose themselves to the newly emerging asset.
MicroStrategy Purchases More Bitcoin
While many Wall Street firms are on the fence about purchasing Bitcoin, the American business intelligence and software firm MicroStrategy Incorporated has chosen a different but rising path.
The company announced today that it has acquired an additional 12,333 Bitcoin (BTC), bringing its total Bitcoin holdings to 152,333 units. Although MicroStrategy’s motivation is reasonable, experts believe that the approval of a spot Bitcoin ETF product will provide investors with a better driving force based on regulatory concerns.
The consistent purchase of Bitcoin by MicroStrategy and the potential adoption by Wall Street investors could support a bullish scenario for a significant price increase in the near future.
