The author of the data resource Woobull, statistician Willy Woo, has forecast that the flagship cryptocurrency may reach $310,000 if certain market conditions are met.
Analyst Willy Woo predicts that Bitcoin might reach $310,000 if only 5% of all institutional assets under management (AUM) were invested in Bitcoin.
Woo predicts that Bitcoin’s price will skyrocket if its market cap and realised cap climb dramatically. The statistician added that the timing of these institutional-grade investments would also affect the price trend of BTC. If these institutional players deploy their capital during a negative or bullish period of the market, Woo’s $310,000 per Bitcoin estimate might change. He predicts BTC would fall to approximately $128,000 in a bear market, but it will rise to over $400,000 in a bull market.
The concept that these prominent financial institutions might opt to divert a specific amount of their AUM into BTC did not sit well with several Twitter users. Because their consumers decide where their money is invested, these businesses can provide this service.
Woo addressed these concerns by clarifying that his Bitcoin valuation had been done speculatively in answer to an inquiry. He also distinguished between wealth management strategies driven by investor choices and those driven by the wealth manager’s judgement. Therefore, these institutions’ clientele approval would likely be needed for any sizable investment in BTC.
At press time, the price of the biggest cryptocurrency was about $30,572.91, an increase of 1.6% in the preceding 24 hours.
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