Bitcoin at $600,000 in 3-5 Years? Popular Analyst Says It Could Happen
Cryptocurrency analyst Willy Woo on Tuesday projected a Bitcoin price range of $220,000 to $600,000 within the next 3 to 5 years.River’s Model Predicts This for BTCWoo analyzed research by the Bitcoin-centric financial platform River, which estimated that BTC could reach $250,000–$840,000 if current adoption trends continue.River’s model projected $1.3 trillion-$5.3 trillion in net inflows if 20%-40% of global portfolios allocate 2%-4% to Bitcoin.The analysis assumed that over the next three to five years, Bitcoin’s market value would grow by $3 for every $1 of net inflows, implying $250,000 to $840,000 per BTC.Interesting read.Using River's inflow numbers over the next 3-5 years, but accounting for changes in market elasticity over time (MVRV oscillations), I get a range of approx 220k-600k per BTC. Woo’s AdjustmentWoo retained River’s inflow estimates but factored in changes in “market elasticity” over time, using historical Market Value to Realized Value peaks as the multiplier.MVRV measures how much the market is valuing the asset relative to the capital invested in it. Put simply, Woo is taking into account that invested capital does not generate the same percentage price movement every time.“I get a range of approx $220,000-$600,000 per BTC,” the analyst estimated Read Also: The Evolving Story of Bitcoin PredictionsForecasts about Bitcoin’s price action have surged even though the asset has struggled through a drawn-out bear market.Bitcoin advocate Jesse Myers said that , arriving at a conservative target of around $232,000.Ark Invest’s Cathie Wood maintains her.Interestingly, veteran investor Ross Gerber finds Bitcoin price predictions questioning how anyone can set a target for an asset with no real fundamentals.Price Action: At the time of writing, BTC was exchanging hands at $79,274, up 1.10% in the last 24 hours, according to data from Benzinga Pro. Read Also: Why Bitcoin's Structure Is Promising but $83,000 Remains the Key Level Photo: Hi my name is Jacco on Shutterstock.com