Price Prediction for Bitcoin: The InvestAnswers channel predicts that the price of Bitcoin will go gangbusters. But what is the thinking behind this figure?
The analyst’s prediction has been one of the wildest BTC price predictions made so far. But, it is not unreasonable, when you take into account a move by Blackrock.
Last week, BlackRock, the world’s largest asset manager, announced it will offer Bitcoin trading and custody services to institutional investors through Coinbase Prime.
Blackrock Spending Power
The InvestAnswers analyst stated that the partnership between the two financial giants could lead to an explosion in the price of Bitcoin (BTC). According to the analyst, this partnership could possibly raise the price of BTC up to $773,000.
The InvestAnswers host told the 443,000 subscribers that Bitcoin’s market capitalization could increase by at least a trillion dollars. The successful analyst of the channel stated that the Bitcoin price could reach $98,000 in the short term. This forecast corresponds to a price increase of 326% from the current level:
“If BlackRock were to place 0.5% of its assets under Bitcoin management, BTC’s market capitalization would be affected by an increase of $1.05 trillion. This would add about $75,000 to Bitcoin’s price. BTC, which is in the $23,000 band, will make its way to about $98,000. This is 326% more than today’s price. It’s very, very achievable…”
Bitcoin Price Prediction is $773,000 in the Long Term
The InvestAnswers analyst stated that if BlackRock, which stands out with an asset value of $10 trillion, pulls 1% of its asset management to BTC, the leading crypto money could be worth $150,000:
“Now, if they allocate a 1% stake, which will of course take time to reach this level, that would add about $2.1 trillion to market capitalization, $150,000 to the price, and that would push Bitcoin’s future price to $173,000. The profit for BTC here is 652%.”
The analyst stated that BTC could rise to $773,000 if BlackRock allocates a 5% share. On the other hand, this estimate can be considered to seem quite maximalist in the current situation. However, according to the cryptocurrency analyst, between the next 3 and 5 years, this price will be at achievable levels:
“If, as analyst Dan Tapiero said, they add 5%, which I think is very aggressive. Maybe with time, maybe in the next three to five years, it will be possible. This will quite easily push the price of Bitcoin to $773,000 in the next three to five years.”
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Source: https://beincrypto.com/price-prediction-bitcoin-773000/