Renowned on-chain analyst Willy Woo has made a bold prediction about Bitcoin, the world’s largest cryptocurrency. He claims that the value of Bitcoin could increase tenfold if a single condition is met.
Bitcoin’s Target Range: From $128,000 to $398,000
On-chain analyst Willy Woo stated that if eight institutions with varying degrees of interest in blockchain and tokenization allocate 5% of their assets under management (AUM) to Bitcoin, the cryptocurrency’s price could surge to $310,000.
Woo explained, “If these guys allocate 5% of their AUM to BTC, what would the price be? My calculations indicate approximately $310,000 per coin.”
The analyst also suggested that Bitcoin’s price could reach up to $398,000, although this will depend on the timing of the capital distribution. “This will really depend on whether they deploy during a bull or bear market, but the range will be between $128,000 and $398,000. Under current conditions, the target level is $310,000. The methodology here is based on measuring the increase in value that occurs with the rise in market value,” he added.
The Race for Spot Bitcoin ETFs and the SEC’s Stance
Woo’s six-figure price prediction for Bitcoin came following the decision by the U.S. Securities and Exchange Commission (SEC) to deem applications for spot Bitcoin exchange-traded funds (ETFs) from the world’s largest asset management company, BlackRock, and Fidelity, as insufficient. The regulatory body requested that the companies amend the lacking parts and reapply.
The SEC returned the applications as the companies did not name the expected Bitcoin ETF or provide information on how the surveillance agreement would operate. CBOE Global Markets resubmitted the Fidelity Bitcoin ETF application that the SEC found insufficient on the same day.
Senior ETF analyst at Bloomberg, Eric Balchunas, suggested that the SEC’s response was undoubtedly good news. He commented, “The SEC essentially asked them to ‘name the crypto exchange’ and provide more information about the surveillance agreement. This is understandable and unequivocally good news.”
