Popular on-chain analyst Willy Woo envisions a scenario in which Bitcoin could reach $310,000. To reach that gigantic price, according to Woo, all eight major institutional investors now plunging into the industry must put about 5 percent of their assets in Bitcoin.
“What would happen to the price if these guys put 5 percent of their assets in Bitcoin? My calculations come out to about $310,000 per coin,” said Willy Woo.
Is there more in the barrel?
According to Woo, the Bitcoin price even has the potential to climb to a level of $ 398,000, but for that everything depends on timing. “It depends on whether they put their capital in a bearish or bullish phase of the market. But the range would be between $128,000 and $398,000. Now it’s $310,000,” said Woo.
Woo’s ruling follows applications for Spot Bitcoin ETFs from BlackRock and Fidelity, which according to a report from the Wall Street Journal has already been rejected by the Securities and Exchange Commission (SEC).
As a reason for this, the SEC indicates that BlackRock needs to be clearer about the data partners they work with (exchange platforms) in order to create insight and transparency in the market.
BlackRock’s ETF filing includes a special provision, indicating its intention to work with exchanges to make the market more transparent. That should allay concerns about possible market manipulation that the SEC has.
Good news?
If Bloomberg’s ETF specialist Eric Balchunas is to be believed, the SEC’s response is mostly good news. “Basically, the SEC wants them to name the crypto exchange they are partnering with and share more details about sharing market data. That is understandable and can even be called good news,” said Balchunas.
Would BlackRock and Fidelity succeed in launching a US Spot Bitcoin ETF? That would be a very welcome boost for Bitcoin and a potential catalyst for another bull market.
A Bitcoin price of $310,000 as a result of the approval of that ETF seems a bit exaggerated at first, but it will certainly provide positive price action. Let’s hope that BlackRock and Fidelity can convince the SEC of their Spot Bitcoin ETF.
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