{"id":632837,"date":"2024-08-02T17:00:27","date_gmt":"2024-08-02T17:00:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=632837"},"modified":"2024-08-02T11:51:33","modified_gmt":"2024-08-02T11:51:33","slug":"bitcoin-down-700000-highly-probable","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-down-700000-highly-probable\/","title":{"rendered":"Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst"},"content":{"rendered":"

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Bitcoin Remains Bullish Despite Recent Price Drops<\/span><\/h2>\n

In a post on X, Willy Woo, an on-chain analyst, <\/span>said<\/span><\/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. <\/span><\/p>\n

Related Reading: Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5<\/a><\/div>\n

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.<\/span><\/p>\n

The analyst said this bullish prediction <\/span>is primarily based<\/span> on the <\/span>bullish<\/span> 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%<\/span>, is the upper bound of the recommended exposure laid out by Fidelity<\/a> for institutions seeking to invest in the world’s most valuable coin.<\/span><\/p>\n

\"Bitcoin
Bitcoin adoption curve | Source: @woonomic via X<\/figcaption><\/figure>\n

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. <\/span><\/p>\n

BTC Is Transitioning, Spot ETFs Crucial For Growth<\/span><\/h2>\n

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. <\/span><\/p>\n

Related Reading: Why XRP Price Won\u2019t Skyrocket After Ripple-SEC Ruling: Crypto Pundit<\/a><\/div>\n
\"Bitcoin<\/a>
Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

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 <\/span>picked<\/span><\/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.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

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. 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. Bitcoin Remains Bullish Despite Recent Price Drops In a post on X, Willy Woo, an on-chain analyst, said 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. Related Reading: Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5 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. 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 Fidelity for institutions seeking to invest in the world’s most valuable coin. 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. BTC Is Transitioning, Spot ETFs Crucial For Growth 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. Related Reading: Why XRP Price Won\u2019t Skyrocket After Ripple-SEC Ruling: Crypto Pundit 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 picked a direct correlation between bullish swings and inflows into spot ETFs. For this reason, how institutions perceive BTC and allocate funds will be critical. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":629157,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,435,679,1119,78790,2029,89583],"class_list":["post-632837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-adoption","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-fidelity","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nBitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst<\/title>\n<meta name=\"description\" content=\"Bitcoin might be under pressure but the uptrend remains. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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