- Crypto analyst predicts that Bitcoin can hit $310k providing eight institutions put 5 percent of their Asset Under Management into it.
- Ark Invest’s Cathie Wood is also bullish on Bitcoin, predicting that the asset can hit $1 million.
Bitcoin (BTC) has currently triggered a bullish market sentiment to trade at $30,655.06 after surging by 1 percent in the last seven days. Interestingly, the asset holders expect the price to continue from there to target its all-time high of $69,000. While investors are contemplating this possibility, an on-chain analyst Willy Woo has clarified that the asset can record a 10x surge to hit $310,000 under one critical condition – institutional involvement.
Speaking to his one million Twitter followers, Woo explained that Bitcoin can hit this significant milestone only if eight institutions that are actively involved in blockchain and tokenization put 5 percent of their Assets Under Management (AUM) into the digital asset. However, the degree of the price surge would depend on the timing of the deployment.
It would really depend on whether they deploy in a bearish or bullish phase of the market but the range would be between $128k – $398k. Right now it’s $310k. The methodology is via measuring market cap increase vs realized cap increase.
The Bitcoin price could, however, surge closer to this price point when the recent Bitcoin Exchange Traded Fund applications by BlackRock and Fidelity are approved. According to multiple reports, the US Securities and Exchange Commission has informed Nasdaq and the Chicago Board Options Exchange (CBOE), who filed the applications on behalf of these firms that their applications are inadequate. Bloomberg senior ETF analyst Eric Balchunas interestingly believes that this response is good news.
Basically [the]SEC wants them to name the ‘crypto exchange’ and give more details on [surveillance agreement]. That’s understandable, and arguably good news. I was under [the]impression they’d have to update that as well.
Other Extreme Bitcoin Price Predictions
Ark Invest’s Cathie Wood has also predicted that the Bitcoin price could hit $1.45 million before 2030. Ark Invest suggests that Bitcoin can see growth in eight different market segments. This means the asset can develop a bearish run, a base case, or a bullish run depending on the rate of penetration in each of the markets.
>> Buy Bitcoin quickly and securely with PayPal, credit card or bank transfer at eToro. Visit Website <<
According to Ark Invest, Bitcoin can make up 10 percent of the M2 money supply of emerging market countries. In addition, it can make up 25 percent of the remittance asset market, and 50 percent of the digital gold market. Very soon, the asset can make up 6.5 percent of institutional investors’ portfolio holdings as claimed by the firm.
Former Coinbase Chief Technology Officer (CTO) Balaji Srinivasan also predicted that Bitcoin would hit $1 million by June 17, linking his reasons to the fast devaluation nature of the U.S. dollar. However, this prediction failed.
Commenting on this, Matthew Kratter, founder of the Trader University YouTube channel stated that the prediction can materialize in the long term.
I think he is right about Bitcoin going to a million dollars. I’ve talked about Bitcoin going to $5 million or $10 million per coin, just probably not in the next 90 days. I think this is a bit of a marketing ploy. If Bitcoin were to move to $1 million per coin in the next 90 days, I think that would be a terrible thing. It would actually be a sign that something major is broken.
>> Buy Bitcoin quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with Bitcoin now. Visit Website <<
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.