- According to Willy Woo, Bitcoin could potentially change the face of the global economy by rising to $1 million within the next ten years.
- According to recent data, the price of Bitcoin is $60,964.39. A $200 million liquidation that followed Fed member Lorie Logan’s remarks demonstrated the market’s sensitivity.
Renowned on-chain analyst Willy Woo recently posted his optimistic prediction to his 1.1 million followers on the social media site X, indicating that Bitcoin’s path to a $1 million price is not simply a fantasy. According to Woo, Bitcoin will have a dramatic change in value throughout the next ten years, changing the face of the world economy.
What a time to be alive.
BTC at $1m will happen easily in the next 10 years. Follow on impacts will be long lasting…
– BTC becomes a reserve currency
– a purge of central bank corruption
– wars become expensive
– younger leadership building for a future they will live in— Willy Woo (@woonomic) May 11, 2024
Willy Woo’s Audacious Forecast
From designating Bitcoin as a reserve currency to eliminating central bank corruption and making wars unaffordable, Woo’s picture of BTC at a million dollars covers significant worldwide effects. This bold prediction is based on a future with more modern, youthful leaders.
Woo said earlier this month that, driven by growing global acceptance, Bitcoin’s fair value is expected to reach $1 million by 2035.
According to recent CoinMarketCap, which shows Bitcoin’s price at $60,964.39, a slight increase of 0.27% over the previous 24 hours despite a 4.17% decline over the prior week, this viewpoint comes at a sensitive time in the cryptocurrency market.
In line with what ETHNews previously disclosed, Lorie Logan, President of the Federal Reserve Bank of Dallas, further upended market dynamics with her recent remarks on the immaturity of interest rate reductions, which resulted in the liquidation of over $200 million in Bitcoin.
Such incidents highlight how sensitive and volatile the cryptocurrency markets are to economic data and remarks made by powerful financial people.
Examining Signals on-Chain
Turning now to the technical aspect, Woo highlights the importance of on-chain indicators, which at the moment indicate positive trends for Bitcoin. An indicator called the “risk signal,” which compares network traffic to price action, just showed a lower high, which Woo reads as almost always bullish.
He also highlights early signs of resurgent inflows into the Bitcoin network, with statistics pointing to a possible trend reversal that might take hold in a week. On charts showing net flows from US Spot ETFs, these inflows stand out, especially in lighter blue.