**Bitcoin Could Reach $700K with Institutional Support**

Bitcoin's price might skyrocket to $700,000 per token if financial institutions continue to back the cryptocurrency, says renowned analyst Willy Woo. He suggests that a 3% portfolio allocation to Bitcoin could drive this surge. Currently, firms like Fidelity recommend a 1-3% allocation, while BlackRock has gone as high as 85%.

For Bitcoin to hit this "ultimate price," its adoption must surpass 16% globally. Woo notes that Bitcoin has already reached 4.7% adoption in 15 years, and its growth could mirror the rapid rise of internet adoption.

Despite these bullish predictions, Bitcoin is still 12% below its all-time high of $73,750. As of August 1, it was trading at $64,465. Sluggish inflows from US spot Bitcoin ETFs are partly to blame for the slow momentum, with only $300,000 added on July 31 compared to $18.3 million in outflows the day before.

Interestingly, over 75% of Bitcoin's short-term holders were in profit as of late July, indicating strong retail demand that could further boost its price.