A Fundamental Crypto Analyst Makes Interesting Projection for Bitcoin

A Fundamental Crypto Analyst Makes Interesting Projection for Bitcoin

Bitcoin (BTC) is currently trading around the $10,900 level, but it may not be at this level for long given a recent projection.

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. 

BTCUSD – 4-Hour Chart

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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