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Bitcoin Price Outlook: Could Bitcoin Surge By Another $500,000 Like Cathie Wood Believes?

Since the flash crash that sent Bitcoin down to levels of $42k, Bitcoin has struggled to stay above the $50,000 mark. However, despite Bitcoin trading at 30% less than its all-time high, Cathie Wood, founder and CEO of Ark Invest, remains bullish about the future of the asset.

Bitcoin’s Journey to Gain an Extra $500,000

Cathie Wood has doubled down on her September $500k prediction for Bitcoin, this time explaining how Bitcoin can gain the additional $500k in value, taking its price to $550k.

Given the current performance of Bitcoin, it may seem impractical to consider the possibility of Bitcoin hitting $550k, however, Cathie Wood explains that, if Bitcoin welcomes 5% of institutional money, then the asset can gain $500k, which would represent a potential gain of more than 1000%.

In 2021, we have seen a great deal of movement from institutional investors into the cryptocurrency sector. Wood adds that the two preferred cryptos for institutional investors are Bitcoin (BTC) and Ethereum (ETH), Despite this, many institutional investors are yet to embrace crypto, remaining wary.

Sharing the same bullish outlook as Cathie Wood, Michael Saylor, CEO of MicroStrategy, has acquired an additional 1,434, taking the company’s stash to 122,478 bitcoins. Announcing the purchase, Saylor enthused that ”the best thing you could do is sell all $10 trillion of gold and buy bitcoin.”

On the Flipside

  • While investors remain hopeful about Bitcoin’s future, the world’s largest crypto could potentially be in the midst of forming an extremely bearish, double bottom pattern.

Why You Should Care

Given the impact institutional investors have had on the price of Bitcoin in 2021, were the industry’s leading asset indeed to gain 5% of all institutional money, it could truly spark a major price rally.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.