Bitcoin's Price Potential and Financial Powerhouses' Entry Spark
Woo, however, provided a caveat, stating that the potential peak of Bitcoin's price would depend on when the capital is deployed. According to him, the range would vary between $128,000 and $398,000, based on whether the deployment happens during a bearish or bullish phase of the market.
Woo's statement coincides with the entry of major financial powerhouses into the Bitcoin and cryptocurrency realm, with a combined asset management value of a staggering $27 trillion. This development follows the race to launch the first spot Bitcoin exchange-traded fund (ETF) in the United States.
BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America, among others, are actively striving to offer access to Bitcoin and other cryptocurrencies, as revealed by Meltem Demirors, CoinShares' Chief Strategy Officer.
On June 16, BlackRock, the world's largest asset manager, took the lead by applying for a spot Bitcoin exchange-traded fund, triggering a chain reaction as other companies rushed to submit similar applications.
This activity in the market led to a surge in the price of Bitcoin, reaching a new yearly high above $31,000, before experiencing a minor correction and currently trading at $30,600.
In a previous instance, Woo commented on optimistic predictions of Bitcoin reaching $1 million, which had been made by individuals such as former Goldman Sachs executive Raoul Pal and an analyst from Ark Invest. He suggested that if Bitcoin were to reach such a price range, it could emerge as a significant competitor to fiat currencies, potentially leading to the collapse of traditional currencies.
BTCUSD
BUY 31300 - 31500 💯💯
✅ TP1: 31900
✅ TP2: 32300
✅ TP3: 32600
🛑 SL: 31000
Woo's statement coincides with the entry of major financial powerhouses into the Bitcoin and cryptocurrency realm, with a combined asset management value of a staggering $27 trillion. This development follows the race to launch the first spot Bitcoin exchange-traded fund (ETF) in the United States.
BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America, among others, are actively striving to offer access to Bitcoin and other cryptocurrencies, as revealed by Meltem Demirors, CoinShares' Chief Strategy Officer.
On June 16, BlackRock, the world's largest asset manager, took the lead by applying for a spot Bitcoin exchange-traded fund, triggering a chain reaction as other companies rushed to submit similar applications.
This activity in the market led to a surge in the price of Bitcoin, reaching a new yearly high above $31,000, before experiencing a minor correction and currently trading at $30,600.
In a previous instance, Woo commented on optimistic predictions of Bitcoin reaching $1 million, which had been made by individuals such as former Goldman Sachs executive Raoul Pal and an analyst from Ark Invest. He suggested that if Bitcoin were to reach such a price range, it could emerge as a significant competitor to fiat currencies, potentially leading to the collapse of traditional currencies.
BTCUSD
BUY 31300 - 31500 💯💯 ✅ TP1: 31900
✅ TP2: 32300
✅ TP3: 32600
🛑 SL: 31000
