Bitcoin’s recent plunge to $61,000 has some investors wondering if the party’s over. But hold on! Renowned crypto analyst Willy Woo is making a bold prediction: Bitcoin could surge past gold and the S&P 500, with potential gains of 20% to a whopping 70%.
Intrigued? Read on to see why Woo thinks Bitcoin is poised for a breakout, even amidst the current market jitters.
Willy Woo, a well-respected figure in the crypto community, has brought attention to the limitations of the Consumer Price Index (CPI) inflation metric reported by the Federal Reserve. In a recent tweet, Woo emphasized that while the Fed focuses on CPI inflation, investors need to consider a broader measure to truly grasp the impact on their investments.
This comprehensive measure includes both CPI and monetary debasement, which Woo estimates to average around 8%.
According to Woo, traditional assets like gold can help investors maintain their purchasing power, as gold typically keeps pace with the combined rate of CPI inflation and monetary debasement. However, Woo notes that the S&P 500 offers a better hedge, outperforming the combined rate by about 3%.
The most striking part of Woo’s analysis is his forecast for Bitcoin. Woo suggests that Bitcoin has the potential to outperform both gold and the S&P 500 by 20% to 70%, considering inflation and monetary debasement. This highlights Bitcoin’s potential as a powerful investment vehicle in today’s economy.
As the global economy grapples with these challenges, Bitcoin’s potential to deliver substantial returns makes it an attractive option for those seeking to safeguard and grow their investments.
In recent market developments, U.S. Spot Bitcoin ETFs have experienced a record net outflow for the sixth consecutive day, totaling $545 million. This shift in digital asset sentiment coincided with Bitcoin’s price falling to $61,060, a 6.5% drop within the last 24 hours, marking its lowest point of the day.
Meanwhile, derivatives traders faced significant setbacks, with $90.78 million in Bitcoin longs liquidated within 12 hours.
Read Also: Institutional Investors Offload $690 Million in Bitcoin and Ethereum, Favor Altcoins
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