Bitcoin analyst Willy Woo predicts BTC price target of $650,000 at bull market top
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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., 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.
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