Long

Bitcoin

Gold

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In a bold forecast, Bitcoin analyst <a href="https://u.today/heres-bitcoins-potential-top-price-according-to-willy-woos-indicator" rel="noopener noreferrer nofollow">Willy Woo</a> predicts that <a href="https://u.today/bitcoin-111000-btc-removed-from-crypto-exchanges-whats-behind-it" rel="noopener noreferrer nofollow">Bitcoin</a> will outperform the gold market cap once ETFs have completed their role.
According to Woo, the recently launched Bitcoin ETFs bring BTC price targets of $91,000 at the bear market bottom and $650,000 at the bull market top, which might happen once ETF investors have fully deployed capital according to asset manager recommendations.
While excitement remains on these bold price forecasts, <a href="https://twitter.com/woonomic/status/1779829797738438754" rel="noopener noreferrer nofollow">Woo</a> cautioned that these targets may not be achievable this cycle because capital deployments take a long time to complete. He outlines in six points what he regards as "back of the envelope calculations" in support of this prediction.
<blockquote>
 The new <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETFs brings price targets of $91k at the bear market bottom and $650k at the bull market top once ETF investors have fully deployed according to asset manager recommendations***. These are very conservative numbers. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> will beat gold cap when ETFs have…— Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1779829797738438754?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 15, 2024</a>
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Woo bases his forecast on the premise that the $100 trillion being managed by asset managers generally has a 2% allocation recommendation. This yields an estimate of about &nbsp;$2 trillion potential allocation into BTC, which he believes might rise over time.
Woo further estimates that BTC currently holds $561,159,959 of investment, citing on-chain data; an inflow of $2 trillion would increase the amount to over $2.56 trillion.
Using MVRV to calculate market cap versus money invested, a ratio which is 5x in bull market tops and 0.7x in bear market bottoms, this translates to market capitalizations of $12.8 trillion and $1.8 trillion, respectively, translating to $650,000 and $91,000 for the BTC price in bull and bear market scenarios, respectively.
Excluding other self-custody inflows, Woo believes that Bitcoin might certainly exceed gold capitalization by the time the asset manager capital is deployed. Given that gold experienced a 12-year bull run after its ETF was approved, Bitcoin may follow suit.
At the time of writing, BTC was up 0.49% in the last 24 hours to $64,524. According to <a href="https://twitter.com/crypto/status/1779834739035115878" rel="noopener noreferrer nofollow">Bloomberg</a>, Bitcoin's dominance in the crypto market has reached a three-year high, reflecting strong demand for U.S. exchange-traded funds that hold the largest digital asset, as well as a challenging era for smaller tokens.
According to<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow"> CoinMarketCap</a> data, Bitcoin accounted for about 55% of the $2.4 trillion cryptocurrency market as of the end of last week, a level not seen since April 2021.

Bitcoin Price to $650,000: Analyst Sees BTC Outperforming Gold in Long Term

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