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There is a growing bullish sentiment surrounding the price of Bitcoin (BTC) as a confluence of positive fundamentals is driving the premier cryptocurrency’s price at this time. Based on its general outlook, top crypto analyst, Willy Woo has shared a whole new mind blowing price target for the largest cryptocurrency.
Willy Woo Eyes Bitcoin Price Around $310K
Willy Woo was tagged by a Twitter user Lynn Brewer who wants the analyst’s take on the influence of BlackRock, Fidelity and the major asset managers injecting 5% of their Assets Under Management (AUM) into Bitcoin.
For reference, BlackRock has over $9 trillion in AUM and just 1% of this amount is $90 billion and when all the AUMs quoted are summed up, it may exceed the current BTC holdings on exchanges.
In his response, Willy Woo said his calculations placed the estimated price of Bitcoin if the described event were to play out at approximately $310,000. While it remains unclear the metrics Willy used to arrive at this target, it resonates with the wider forecast from top industry veterans across the board.
What would price do if these guys put 5% of AUM into BTC?
My calculations estimate around ~$310k per coin. https://t.co/XHfYxETVWY pic.twitter.com/anyym07XUQ
— Willy Woo (@woonomic) June 28, 2023
Notably, Bitcoin has been tagged one of the most undervalued assets around owing to its ingrained supply limit and growing demand at this time. The bouts of spot ETF applications from BlackRock, Fidelity Investments and their peers underscores the growing clamor and readiness of Wall Street investors to gain exposure to the nascent asset.
Demand Unraveling
While many Wall Street firms are sitting on the fence as it concerns acquiring Bitcoin, MicroStrategy Incorporated, the American business intelligence and software firm has chosen a different but bullish path.
The firm has just announced the acquisition of another 12,333 BTC units today to take its total Bitcoin holdings to 152,333 units. While the motivation of MicroStrategy is reasonably contagious, experts believe the approval of a spot Bitcoin ETF product will give investors a better push based on regulatory concerns.
The consistent acquisition of Bitcoin by MicroStrategy and the possible embrace by Wall Street investors will bolster the bullish case for a massive price upshot in the near future.
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