- BlackRock and Fidelity’s approval of spot Bitcoin exchange-traded fund (ETF) applications could potentially drive the price of Bitcoin to $310,000, according to cryptocurrency analyst Willy Woo.
- Woo supported his prediction by highlighting the trillions of dollars in assets managed by these companies, stating that if just 5% of these assets were allocated to Bitcoin, the price could reach $310,000.
- The market conditions under which this allocation would occur, such as a bear or bull market, would also play a significant role in determining the potential price levels.
In a recent social media post, Willy Woo, a prominent cryptocurrency analyst, suggested that the entry of major players like BlackRock and Fidelity into the cryptocurrency market could have a significant impact on the price of Bitcoin.
BlackRock and Fidelity’s Entry into the Cryptocurrency Market Could Push Bitcoin Price to $310,000, Analyst Claims
Woo claimed that the approval of spot Bitcoin ETF applications by these companies could potentially drive the price of Bitcoin to $310,000. He supported this prediction by pointing out the trillions of dollars in assets managed by BlackRock and Fidelity, stating that if just 5% of these assets were allocated to Bitcoin, the price could reach $310,000.
Woo also emphasized that the market conditions under which this allocation would occur would be crucial. In a bear market, he suggested that the price could at least reach $128,000 if these major players took action, while in a bull market, it could potentially reach $398,000.
Although the US Securities and Exchange Commission (SEC) has not yet approved a spot Bitcoin ETF, the interest from such large players has not been seen before. It is believed that companies like BlackRock and Fidelity have the influence to get what they want.
According to CoinGecko data, Bitcoin currently has a market capitalization of $592 billion, while the entire cryptocurrency market is valued at $1.21 trillion. However, with companies managing assets that are 27 times larger than the entire cryptocurrency market, their entry into the sector is expected to mark the beginning of a new era.
