The approval of spot Bitcoin ETFs and spot Ethereum ETFs by the Hong Kong Securities and Futures Commission (SFC) has sparked discussions within the cryptocurrency community about potential price targets and their impact on market capitalization.
Historical Precedence Supports Woo’s Projection
In an X post, Willy Woo, Co-founder of CMCC Crest and an analyst, weighed in on the matter, offering insights into the potential trajectory of Bitcoin’s price in light of ETF adoption in Hong Kong.
According to Woo, the new Bitcoin ETFs could drive price targets of $91,000 at the bear market bottom and $650,000 at the bull market top as soon as ETF investors fully deploy capital, based on asset managers’ recommendations.
Woo, however, cautions that these projections are not specific to the current market cycle, as it takes time for capital deployments to complete. He maintained that Bitcoin will beat gold’s capitalization once asset managers’ capital is fully deployed.
Woo’s projectio
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