According to the expert, with global investable assets of around $900 trillion, BTC currently represents just 0.15% of that amount at a price of $67,000. If Bitcoin made up 1% of the global investment market, its value could soar to $428,000 per coin. Thus, Lavish’s forecast implies a staggering 548% increase from the current price.
Well, in the meantime, the Bitcoin price recently encountered resistance around the $70,000 mark before falling to around $66,000. This recent drop resulted in a 5.6% decline in less than 48 hours.
The ambitious target proposed by the expert may seem far-fetched, but it is gaining some credibility thanks to the growing participation of large financial institutions, such as BlackRock (NYSE:BLK) and Franklin Templeton, in Bitcoin ETFs.
The increased participation of the largest of the financial institutions is indicative of growing interest from both retail and whale investors, potentially pushing the value of BTC higher.
Such significant growth, however, will definitely not happen in a flash and will require no small amount of time and patience. In any case, this is exactly what the historical trends on the crypto market testify to.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
