Analyst Willie Wu predicts growth of bitcoin cryptocurrency to $ 650,000

In a new forecast, bitcoin analyst Willie Wu predicted that bitcoin will surpass the gold market capitalization after ETFs complete their role. According to Wu, recently launched bitcoin ETFs bring BTC price targets of $ 91,000 at the bottom of the bear market and $ 650,000 at the top of the bull market.

According to Wu, BTC $55,696.89 Bitcoin -2.70% Market capitalization $1.1 trillion VOL. 24 hours $2.68 billion growth could occur after ETF investors fully allocate capital in accordance with asset managers' recommendations. While these bold price forecasts are not causing a stir, Wu cautions that the targets may not be achievable in this cycle as capital deployment takes time.

Willie Wu bases his $ 650,000 forecast on the assumption that the $ 100 trillion under the control of asset managers typically has a 2% allocation recommendation. This gives an estimate of about $ 2 trillion in potential investment in BTC, which could grow over time.

At the time of writing, the price of BTC has risen by 1.3% over the past 24 hours to $ 63,795. According to Bloomberg, bitcoin’s dominance in the crypto market has reached a three-year high, reflecting the high demand for US exchange-traded funds that own BTC.