Queen of cryptos, bitcoin (BTC) remains the favorite digital asset of many investors. The crypto is favored by its followers due to its great potential. An immense potential, which could allow him to achieve spectacular performances according to Willy Woo. The analyst believes that the bitcoin price is capable of soaring and reaching highs. However, certain conditions must be met for this to occur.
Potential bitcoin surge with support from institutional giants
Recently, Cameron and Tyler Winklevoss predicted a rise in bitcoin to $500,000. Fervent defenders of this cryptocurrency, the twins agreed that it has the potential to reach an unprecedented valuation. They are now joined by the famous analyst Willy Woo in this logic.
Followed by more than a million cryptophiles on Twitter, Willy Woo said in a recent tweet that the price of bitcoin could climb up to $310,000. According to the analyst, it is enough for financial giants such as BlackRock, JPMorgan, Fidelity, Invesco or even Bank of America to invest 5% of their assets under management (AUM) in bitcoin for the crypto to conquer. summits never explored before.
Willy Woo also believes that the period chosen by institutions to make their investments can also be decisive. He says, “The $310,000 estimate for bitcoin really depends on whether these institutional players deploy their investments during a bearish or bullish phase of the market.”
According to him, if these investments are made during a bear market, the price of bitcoin could rise to around $128,000. The crypto price could explode and reach $400,000 if institutionals decide to invest during a bull market, according to the analyst.
Doubtful tweets
Willy Woo’s estimates elicited many reactions. Tweeters expressed their views on Mr. Woo’s analysis and many were unconvinced by the expert’s predictions. They point out that institutions manage their clients’ funds and argue that the choice of digital assets in which to invest is up to them.
To respond to these twittos, Willy Woo says his estimate was hypothetical and was based on a question he was asked. He highlights the existence of two different categories of wealth management. One is based on the decision of investors while the other offers wealth managers decision-making power. Mr. Woo finally admitted that any investment in bitcoin would require the consent of the asset managers’ clients.
Obviously, supporters of the queen of cryptocurrencies are convinced that the price of the asset will experience a major surge. Last May, Arthur Hayes predicted a rise to $1 million for bitcoin.
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