Woo says BTC’s price could go as high as $398,000 but it would depend on the timing of the capital deployment.

“It would really depend on whether they deploy in a bearish or bullish phase of the market but the range would be between $128,000 – $398,000. Right now it’s $310,000.

Methodology is via measuring market cap increase vs realised cap increase.”

Woo’s comments come following BlackRock and Fidelity’s filings for a spot Bitcoin exchange-traded fund (ETF), which were reportedly deemed inadequate by the U.S. Securities and Exchange Commission (SEC).

The regulatory agency said it returned the filings because it failed to name the Bitcoin ETF with which they were expected to have a surveillance agreement or provide information on how the surveillance agreement would work.