In recent days, Bitcoin experienced a sharp rise in price following a decision by the Fed, marking a complete reversal and continuing price increase. This rise also reflected in altcoins, with noticeable ongoing increases. While all this was happening, a crypto market analyst made a Bitcoin price prediction that is currently hard to believe.
Will Bitcoin Reach This Level?
World-renowned analyst Willy Woo stated that Bitcoin (BTC) is inclined to rise over 1,500% due to certain reasons.
Woo told his thousands of followers and users on platform X that the increasing adoption of Bitcoin could bring its price to one million dollars within 11 years for the top cryptocurrency.
According to Woo, there is a correlation between Bitcoin’s value and the number of Bitcoin users. Woo indicated in his statement that this number could continue to increase, pointing to the growth curve model.
- We are on track for a ‘fair value’ of one million dollars per BTC by 2035. This is valid if we take the user growth curve as a guide. Remember, I said fair value, not the peak value of a bull market hype.
- In the early days, the price was slow to catch up with the number of users. BTC did not even have a price until the 1000th user. Thanks to blockchain, we have a high-resolution view of users by legally clustering assets to addresses.
- Price discovery began with early markets like New Liberty Standard and Mt. Gox. Bitstamp was launched in August 2011, and we had multiple global exchanges to properly price the asset. (the area shaded below).
- After 2012, the price fluctuated around the increasing number of users.
Despite the fourth halving of Bitcoin, Woo believes that the adoption process is still in its early stages. Woo highlighted this situation, comparing BTC’s adoption rate to that of the internet, and stated:
Bitcoin is currently adopted by 4.7% of the world, the same rate as the internet in January 1999. It’s still very early, and this is supported by the best data we have.
How Much is Bitcoin Now?
Bitcoin, was trading at $63,000 following a 6% increase over the last 24 hours. This level was last seen during the decline that began on April 30.
During this time, Bitcoin’s market cap has risen back to $1.24 trillion, while the 24-hour trading volume has decreased by 4% to $32 billion.
