Bitcoin Could Hit $773,000 If…

Updated:

Popular financial market information provider InvestAnswers has predicted that Bitcoin could record a massive rally now that BlackRock plans to make inroads into crypto.

Last week, the world’s largest investment company, BlackRock, revealed plans to offer Bitcoin trading and custody services to corporate investors using Coinbase Prime. That said, analysts at InvestAnswers believe that this partnership would undoubtedly trigger a massive spike for BTC. InvestAnswers noted:

“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…”

The cryptocurrency information provider further explained that with an asset under management basket of $10 trillion, BlackRock putting 1% of its AUM into BTC could push the benchmark cryptocurrency to $150,000.

InvestAnswers finally made a case for BlackRock investing 5% of its AUM into BTC, noting that it would skyrocket the price of the asset to $773,000. However, it acknowledged that these were only highly optimistic projections, but it was possible in three to five years.

Key Bitcoin Levels to Watch — August 9

After breaching the coveted $24,000 mark yesterday, BTC has, again, failed to close a candle above the critical level. Not surprisingly, the primary cryptocurrency slumped after failing to push past the top today in a corrective feat.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

However, the 100 EMA at the $23,000 mark was there to lend some support to the cryptocurrency and is currently the only thing holding BTC above the mentioned level. The stochastic oscillator shows that BTC has completely eased out of overheated conditions on the 4-hour chart and could embark on a steady rebound. But, losing the $23,000 support could send the flagship cryptocurrency spiral king to the $21,700 mark in the coming days.

Meanwhile, my resistance levels are at $24,000, $25,000, and $26,000, and my key support levels are at $23,000, $22,000, and $21,000.

Total Market Capitalization: $1.09 trillion

Bitcoin Market Capitalization: $440.9 billion

Bitcoin Dominance: 40.5%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.