bullish

United

Bitcoin

Drops

Spot

<p>Bitcoin remains volatile at spot rates. Despite the spectacular recovery yesterday, August 1, the downtrend remains, at least for now. Specifically, looking at the candlestick arrangement in the daily chart, there could be more growth once prices break $70,000.</p> 
<p>Before then, traders are closely monitoring price action aware that there could be more losses, pushing the coin below $60,000. Amid this, some analysts are bullish in the long term, ignoring short-term price volatility.</p> 
<h2 id="bitcoin-remains-bullish-despite-recent-price-drops">Bitcoin Remains Bullish Despite Recent Price Drops</h2> 
<p>In a post on X, Willy Woo, an on-chain analyst, <a class="editor-rtfLink" href="https://x.com/woonomic/status/1818895018205012057" target="_blank" rel="noopener nofollow">said</a> that though bears might succeed in the short to medium term, unwinding gains and progress made in the first half of the year, the path of least resistance in the long term remains northward. </p> 
<p>As on-chain data reveals increased movement among long-term holders (LTHs), shifting coins to top exchanges could heap more pressure on prices. Even so, Woo thinks that in the years to come, Bitcoin could range between $700,000 in the lower level and as high as $24 million, assuming it finds maximum adoption.</p> 
<p>The analyst said this bullish prediction is primarily based on the bullish assumption that Bitcoin would capture anywhere between 3% and 100% of the global wealth, which stands at over $500 trillion. Woo says the lower limit, 3%, is the upper bound of the recommended exposure laid out by <a href="https://www.newsbtc.com/news/fidelity-director-analyzes-bitcoin-potential-could-it-hit-6-trillion-market-cap/" target="_blank" rel="noopener ">Fidelity</a> for institutions seeking to invest in the world’s most valuable coin.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-632839" src="https://www.newsbtc.com/wp-content/uploads/2024/08/GT4E0X0XAAAVxPt.jpg?resize=1024%2C763" alt="Bitcoin adoption curve | Source: @woonomic via X" width="1024" height="763" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/GT4E0X0XAAAVxPt.jpg?resize=1024%2C763?w=2340 2340w, https://www.newsbtc.com/wp-content/uploads/2024/08/GT4E0X0XAAAVxPt.jpg?resize=1024%2C763?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/08/GT4E0X0XAAAVxPt.jpg?resize=1024%2C763?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/08/GT4E0X0XAAAVxPt.jpg?resize=1024%2C763?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/08/GT4E0X0XAAAVxPt.jpg?resize=1024%2C763?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/08/GT4E0X0XAAAVxPt.jpg?resize=1024%2C763?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/08/GT4E0X0XAAAVxPt.jpg?resize=1024%2C763?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/08/GT4E0X0XAAAVxPt.jpg?resize=1024%2C763?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>If most institutions allocate just 3% of their portfolio to Bitcoin via derivatives as spot ETFs, the probability of the coin soaring to $700,000 will be high. On the other hand, assuming everyone chooses to move their wealth to Bitcoin, divesting from the current traditional portfolios and choosing BTC, then the coin will explode to as high as $24 million. This assumption is, even according to Woo, improbable but cannot be discounted. </p> 
<h2 id="btc-is-transitioning-spot-etfs-crucial-for-growth">BTC Is Transitioning, Spot ETFs Crucial For Growth</h2> 
<p>Woo, in the post on X, said at spot rates, Bitcoin is in a transition. Looking at adoption charts, the coin is moving from the early to late majority adoption. Though in the nascent stages, a successful, hitch-free evolution will be crucial in driving prices even higher. </p> <a href="https://www.tradingview.com/x/bXs6vpyz/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/bXs6vpyz/" alt="Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="590"></a> 
<p>The key driver and catalyst of adoption in this vital stage will be the adoption of spot Bitcoin ETFs. Since the United States Securities and Exchange Commission (SEC) approved this derivative product, one analyst has <a class="editor-rtfLink" href="https://cryptoquant.com/insights/quicktake/66a32ce3fabaf95eceb475e7-New-inflows-havent-even-started-yet" target="_blank" rel="noopener nofollow">picked</a> a direct correlation between bullish swings and inflows into spot ETFs. For this reason, how institutions perceive BTC and allocate funds will be critical.</p>

Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst

Table of Contents

NewsBTC

Other articles published on Aug 2, 2024

BlackRock Sees Low Demand for Other Cryptos Other Than Bitcoin and Ethereum

Top Cryptos To Reach $10B In Market Cap This August

Coinbase Shares Jump 3+% After Sharing Impressive Q2 Earnings Report

Gravity (G) Gains Despite Market Chaos

Coinbase Shares Rise After Q2 Revenue Beats Wall Street Expectations

Ethereum Down 8% Last Month, Solana Up 9%: What Is Going On?

Join our free newsletter for daily crypto updates!