After going above $24,000, it is not a difficult task for Bitcoin to claim$50,000 soon. But some credible crypto analysts also think the possibility to attain $1 million is a reality.
The continuous bull cycle can end at a seven-figure value as it is now an achievable thing, says top crypto analyst Willy Woo.
In the podcast entitled “What Bitcoin Did,” Willy expressed his feelings for the top digital asset and also revealed his prediction for the next price target.
“It would need a very steep hockey stick but I can’t say that [$1 million BTC is] out of the question. I can say $100,000 is very conservative. I can say $200,000 is right on track, or somewhere between $100,000 and $200,000 is a very conservative sort of sweet spot… $300,000 to $1 million is actually not much of a gap, believe it or not…”
In his talk, he also told about the possible resistance levels in the path towards seven-figure value. According to Woo, the region between $50,000 and $55,000 is a major resistance area that may resist price value in the upward direction. In the case of resistance breakage at $50k, it is possible for the value to reach $1 million, and as a result, the market cap will reach trillion dollars. After claiming the $1 million, it will be then included in the macro assets of the world whose market caps touch trillions of dollars. He even claimed the top digital currency could snatch away the market cap of gold as “it’s kind of an antiquated old version of Bitcoin.”
Willy is not the person to state that Bitcoin may take place of gold, which is the oldest hedge asset against macro disrupted events. A prominent pension company Jefferies proved the narrative right after adding Bitcoin by removing some holdings of Bitcoin. It designated a 5% allocation of its to the top digital currency after decreasing 5% exposure to gold. But there are some firms in the financial world that do not agree with the stance and claim gold is not going anywhere but will stay here. Multination US investment firm Goldman Sachs said both Bitcoin and gold will remain side by side, and no one is going to replace other assets.
Bitcoin is currently trading at $23,936 after an increase of 2.33% in the last 24-hours.