In the latest Bitcoin price prediction, BTC is dropping at spot rates in the short-time frame, but now one crypto analyst is defying the downturn, making the bold suggestion that Bitcoin price is destined to hit $1 million by 2035.
The post-Halving dip isn’t a new phenomenon in the crypto market, and while some panicked Bitcoin holders might be scrambling for the exit following the dump over the past two days – one leading crypto analyst is unperturbed.
Let’s deep-dive the rationale behind the latest Bitcoin price prediction from industry legend Willy Woo.
Here’s Bitcoin’s Path To $1 Million by 2035
Even though prices crashed below $60,000, falling towards $50,000 at press time, Willy Woo, in a recent post on X, predicted there is a chance that Bitcoin will have a “fair value” of $1 million by 2035.
On track for $1m per BTC as "fair value" by 2035.
That's if we take the user growth curve as a guide for valuation. Remember I said fair value and not peak value in bull market hype.
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— Willy Woo (@woonomic) May 2, 2024
The uptick to this mega “fair value” level will be primarily fueled by rising adoption across the globe, in combination with several economic factors.
At the heart of this optimistic outlook is that Bitcoin, unlike altcoins, has been endorsed by the United States SEC and CFTC as commodities similar to gold. The backing by these two major regulators is a massive boost – it has helped open doors for institutional adoption in recent weeks.
After delaying the rollout of a spot Bitcoin ETF for over ten years, the United States SEC finally approved the product in January, following the path taken by Canadian and Brazilian regulators.
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Weeks after, Bitcoin broke all-time highs, surging above $70,000 to over $73,800. Solid data now shows that top Wall Street players, including Tesla, hold the coin.
The leg up was primarily fanned by rising inflows to spot Bitcoin ETFs issued by BlackRock and Fidelity, among others.
Though inflows are slowing down as prices fall, this will likely change in the future now that BTC is even scarcer. As of May 1, all spot Bitcoin ETF issuers controlled more than 828,000 BTC.
Inflows into Bitcoin are inevitable now that there is regulatory clarity—an advantage Ethereum and XRP struggle with. Historically, BTC prices have grown proportionally to user adoption, primarily by retailers.
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Spot ETFs And Bitcoin Features To Supercharge Demand
Willy Woo noted that in the early days of Bitcoin, prices took time to catch up. However, with advanced blockchain analysis, data shows a clear correlation between user growth (derived from addresses) and price increment.
Data shows that more users are driven to Bitcoin because of its inherent features. For instance, BTC is designed to be scarce while remaining digital. The total supply is capped at 21 million. By May 2024, slightly over 19.5 million BTC had been mined.
At the same time, the network halved the issuance supply by half on April 20, technically making it more deflationary.
Subsequently, the inherent scarcity creates a compelling narrative for crypto analysts, especially compared to the ever-expanding supply of fiat, which weakens its purchasing power over time. Bitcoin is now considered a store of value and a convenient medium of exchange.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
