Bitcoin could hit approximately $535,000 provided institutional investors invest 10% of their reserves in it. The institutional investors are focused on buying Bitcoin (BTC) for long terms holding. For example, a single transaction of 15,200 BTC from Coinbase to custody wallet shows that institutions are busy accumulating Bitcoins to be prepared for the next possible bull run.
The report suggests that this time the Bitcoin price is less likely driven by extreme publicity and rumors but appearing to be more trust and acceptance. Mr. Ki Young Ju tweeted,
“Looking at the Transaction, it went to custody wallets that only have in-going transactions. It’s likely to be OTC deals from institutional investors. I believe this is the strongest bullish signal.”
The Ark predicts that in the longer run, institutions may impact bitcoin price, as explained
“Based on ARK’s simulated portfolio allocations, institutional allocations between 2.5% and 6.5% could impact bitcoin’s price by $200,000 to $500,000.”
Grayscale and other financial institutions may trigger a new bull run to test the ATH bitcoin value. Similarly, Grayscale is consistently offering institutional interest, a sign for buying more and more Bitcoin, Ethereum, and other altcoins.