$773,000. But what is that based on?
Bitcoin Price Prediction: The InvestAnswers channel predicts that the price of Bitcoin is going to crash. But what is the idea behind this figure?
The analyst’s prediction has been one of the wildest BTC price predictions made so far. But, it’s not unreasonable, when you consider a move from Blackrock.
Last week, BlackRock, the world’s largest asset manager, announced that 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 cap could increase by at least a trillion dollars. The successful analyst of the channel stated that the Bitcoin price may reach $98,000 in the short term. This forecast corresponds to a price increase of 326% from today’s level:
“If BlackRock were to place 0.5% of its assets under Bitcoin management, BTC’s market cap would be affected by an increase of $1.05 trillion. This would add approximately $75,000 to Bitcoin’s price. BTC, which is in the $23,000- the band, will get to around $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 into BTC, the leading cryptocurrency could be worth $150,000:
“Now, if they allocate a 1% stake, which of course will take time to reach this level, it will add about $2.1 trillion to the market cap, $150,000 to the price, and it will push Bitcoin’s future price to 173 000 dollars. The profit for BTC here is 652%.”
The analyst stated that BTC could rise to $773,000 if BlackRock awards a 5% stake. On the other hand, this estimate can be considered to seem rather 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 over time, maybe in the next three to five years, it will be possible. This will simply push the price of Bitcoin to $773,000 in the next three to five years.”
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