Popular on-chain analyst Willy Woo strongly believes that Bitcoin (BTC) will ultimately achieve a seven-figure price tag.
Woo tells his 1.1 million followers on the social media platform X that he’s convinced Bitcoin’s value will skyrocket to $1 million in the coming years.
According to the analyst, a $1 million BTC price will have enduring effects that would change the global landscape.
“What a time to be alive. BTC at $1 million 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.”
Earlier this month, Woo said that BTC’s fair value will soar to $1 million by 2035 based on increasing global adoption.
But for now, the analyst says on-chain indicators are flashing bullish for BTC. Woo first looks at BTC’s risk signal which compares network flows with price action. The analyst previously noted that it’s bullish for BTC when the risk signal is low.
“Bitcoin risk signal printed a lower high, this is nearly always bullish.”
Looking closer at network flows, Woo says the metric is turning green again for the crypto king.
“Early signs, if I squint *just right*, that flows into the Bitcoin network are picking up again. Probably needs another week to confirm this trend reversal properly.
Lighter blue is the net flows from US Spot ETFs (exchange-traded funds).”
At time of writing, Bitcoin is trading for $61,095.
Generated Image: Midjourney
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