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Currently, Bitcoin is trading at around $64,465, which is a 2.9% increase over the past month. However, it remains 12% below its all-time high of $73,750, reached on March 14th. Woo’s analysis suggests that for Bitcoin to hit its ultimate price, global adoption must exceed 16%. As of now, only 4.7% of the world’s population holds Bitcoin.
Comparing Bitcoin’s adoption rate to the early days of the internet, Woo believes a significant increase could occur after the first 15 years. Despite the optimistic outlook, Bitcoin’s momentum has slowed, partly due to declining inflows from US spot Bitcoin exchange-traded funds (ETFs). On July 31st, ETFs added only $300,000 worth of Bitcoin, following net outflows of $18.3 million the previous day.
ETF inflows have historically played a significant role in Bitcoin’s price movements, accounting for about 75% of new investments in the cryptocurrency as of February 15th. Additionally, over 75% of short-term Bitcoin holders were in profit as of July 24th, suggesting potential for further upward momentum. As Bitcoin’s price continues to fluctuate, the cryptocurrency community remains focused on its long-term prospects.
English (US) · 