Bitcoin (BTC) could be worth $91,000 at the bottom of the bear market and $650,000 at the top of the bull cycle upon the full deployment of the cryptocurrencys exchange-traded funds (ETFs) in the coming years.

According to a tweet by Bitcoin analyst Willy Woo, the digital asset can achieve these price targets if investors fully deploy Bitcoin ETFs according to the recommendations of asset management firms.

Bitcoins New Price Targets

To substantiate his claim, the Bitcoin analyst elaborated some calculations based on allocation recommendations, self-custody inflows, and market value to realized value (MVRV), which is the ratio between the market value of BTC and its realized value.

Woo explained that asset managers like Fidelity are advocating for modest crypto portfolio allocations of up to 2%. Such firms manage roughly $100 trillion, which leaves up to $2 trillion to Bitcoin. The number will increase over time as BTC sees more adoption.

Bitcoin currently holds over $561 billion of investment. Adding the $2 trillion will bring the total to $2.56 trillion, significantly enlarging the assets ecosystem. The figure could be much more if self-custody inflows are considered. Woo said self-custody inflows are much bigger at the moment; hence, the $2.56 trillion target is a lower-bound estimate.

Exceeding Golds Market Cap

Using the MVRV ratio to calculate market capitalizations versus money invested, the target investment figure would be multiplied by five in bull market tops and 0.7 in bear season bottoms. This would leave the crypto market with a capitalization of $12.8 trillion at the top and $1.8 trillion at the bottom, or $91,000 and $650,000 per BTC.

Woo clarified that BTC is not expected to hit the $91,000 and $650,000 targets during this cycle as such capital deployments take a long time. However, Bitcoin will inevitably exceed golds market capitalization when ETFs have achieved their full potential.

These are very conservative numbers. #Bitcoin will beat gold cap when ETFs have completed their role…Bitcoin will certainly exceed Gold capitalization by the time asset manager capital has deployed. Gold went on a 12 year bull run when its ETF was approved, now its Bitcoins turn, the Bitcoin analyst stated.