As the benchmark cryptocurrency continues to strengthen its bullish fundamental foundation, one analyst has narrated that there’s currently sufficient capital on the sidelines in crypto to push Bitcoin to a $1 trillion market capitalization.
When this happens, Bitcoin will finally be regarded as a “major asset bucket” for wealth to come into.
At press time, BTC has a market capitalization (at $10,900 per BTC) of roughly $200 billion. This amount represents close to 60% of the entire cryptocurrency market of $344 billion.
However, Bitcoin fundamental analyst, Willy Woo, notes that the cryptocurrency could be valued at $1 trillion if just $25 billion worth of capital could be invested into it. Woo uses several network health indicators he developed to project a realistic future price for Bitcoin.
At the projected valuation, institutional investors who have been hesitant in buying into Bitcoin will finally be rushing to get a piece of it. Also, at that valuation, one BTC will be valued at $54,000.
Woo points at the over $18 billion in the stablecoin industry as sidelined capital that could push BTC to the thirteen-figure price tag.
Key BTC Levels to Watch in the Near-Term
Bitcoin has performed exactly as projected in our previous analysis. The cryptocurrency has finally broken out of the long-standing wedge to the upside. As expected, BTC was met with strong resistance around the $10,900 level where it currently sits.
The next hurdle to beat now is the $11,000-150 psychological resistance area. Meanwhile, the prospects for Bitcoin going lower becomes increasingly unlikely as it climbs higher.
Total market capital: $344 billion
Bitcoin market capital: $201 billion
Bitcoin dominance: 58.4%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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